Visa unveiled a new credit card with its own LCD display and keypad.
Visa is confident that this new type of credit card will cut down the online shopping fraud activity with it’s unique security feature. It will be tested in Britain early next year by the company MBNA.
The card (pictured below) is still identical in size and shape to current ones, but now will have a 12-button number keypad and an LCD display.
When an online purchase is to be made, a user must first undergo an authentication process.
Here is how the authentication process works:
- Every time you make an online purchase you must input the Pin number in the card (like in the ATM).
- If the Pin is authentic the card will display a security code.
- This security code will then be entered into the web site.
- If the code is authorised by Visa’s servers, the purchase is approved.
This sounds promising. This will definitely help minimize credit card fraud.
The battery for the card is expected to last up to three years.
Visa hopes that this new credit card will help allay fears, and give consumers more confidence when shopping online.
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