Visa introduces pin payment card

Visa is introducing a revolutionary new credit card allowing users to use their PIN for online card transactions.

Aimed at savvy internet users, the Visa PIN card features an alpha-numeric display and a 12-button keypad built into the back of a conventional credit, debit or prepaid card. The card, developed using technology from Australia-based Emue technologies, promises a three-year battery life, and much improved protection from online fraudsters.

Customers enter their PIN code onto the keypad and this generates one-time password. The one-time password is then used to authenticate online purchases.

MBNA, a Bank of America company in the UK, Cornèr Bank in Switzerland, Cal in Israel and IW Bank in Italy will each begin limited pilot trials of the new card shortly.

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20 Comments

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Jeeze. Any increase in credit card security is welcome. I rely on online payments for all of my bills, and I'm always a little paranoid when it comes to security.

It seems like "one-time use account numbers" have become less popular, although that's a much more practical way to stop fraud (if there's only a $36 limit on the one-time-use card, and you spent the $36 on the original transaction, it's not going to approve, and it requires no merchant support).

Or why can't I do whitelist/blacklist of transactions. Say "this card is only authorized for Newegg and Amazon; if someone tries it elsewhere, it should decline."

Hak Foo said,
It seems like "one-time use account numbers" have become less popular, although that's a much more practical way to stop fraud (if there's only a $36 limit on the one-time-use card, and you spent the $36 on the original transaction, it's not going to approve, and it requires no merchant support).

Or why can't I do whitelist/blacklist of transactions. Say "this card is only authorized for Newegg and Amazon; if someone tries it elsewhere, it should decline."

Virtual one-time use credit cards are definitely the way to go (y)

I use them all the time and it just works flawlessly.

creamhackered said,
I assume that's when you are disposing of it so it severs the components inside? Not sure, looks kinda odd.

Yeah, that's my thought too, to ensure that the important components get broken.

creamhackered said,
I assume that's when you are disposing of it so it severs the components inside? Not sure, looks kinda odd.
That and maybe to stop you running through the battery.

Sounds like a good thing, especially after you've disabled UAC and all the other stupid, useless security in Vista. Makes me want to go out and use some third party app for paying with credit card.

cork1958 said,
Sounds like a good thing, especially after you've disabled UAC and all the other stupid, useless security in Vista. Makes me want to go out and use some third party app for paying with credit card.

Er ... what?

Hmm.. ive been using the Cahoot Electronic Webcard for about 5 years... it runs from your pc, and generates a one time only credit card number for a set amount of cash.. dont know why no one else does it...

This isnt a new approach really....

I've been using a similar system in Portugal (MBnet) for a couple years...
It's quite safe... You just have to login, create a virtual credit card for a set amount of cash and 2 months expiry...

Anyway, maybe this new card will be more practical, I guess... let's wait and see...

Yeah, I've been doing that for a while now too. I use it with my credit card (used to be MBNA, now Bank Of America here in the U.S.). Discover also has something similar. Both work well. Plus no batteries needed

Thats much better than the stupid card readers for HSBC etc you have to take them everywhere with you, if you need to log in when I'm away from home.... I wonder how long it will last ( in my pocket)

creamhackered said,
Yeah lets hope they get rid of them stupid things! They are irritating.

oh yes. i've recently taken delivery of one of these things, totally annoying step backwards. What i find really annoying is that i keep leaving my card IN the machine on my desk, only to find I don't have it with me when I go to pay for something in a shop