Matt Bullock
14 July 2010
Popular credit card provider Visa has introduced a new technology that will make online shopping even more secure than it already is, reports ShopSafe.co.uk.
Visa CodeSecure, aimed at protecting the financial identities of online shoppers, combines improved card verification software with a new type of payment card that incorporates a screen and keypad to ensure that only the legitimate cardholder can use the card online.
According to the source, the card uses a built-in battery to power an alphanumeric keypad which will display a unique code at each online checkout. Users can press a CodeSecure button which will generate the code, which is then entered online to ensure a secure transaction.
Because users cannot generate their CodeSecure passwords without entering a PIN, Visa believes the technology will rival the burgeoning chip and PIN security already in use on the high street.
In trials, Visa found that 70 percent of card users would use their cards online more often thanks to the added security, reports ShopSafe. The trials also revealed that 86 percent of Visa customers felt more secure making transactions online using CodeSecure.
Visa estimates that there are more than 380 million Visa debit, credit and commercial cards in Europe.
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