Visa Europe Markets Cards With One-Time Passcodes

Visa Europe has introduced a payment card that enables consumers to enter one-time passcodes designed to reduced fraud for online transactions, a Visa Europe spokesperson tells CardLine Global. Visa says the technology is suitable for chip-based debit or credit cards. "Visa is now offering this to members as a pilot," the spokesperson says, declining to discuss which banks have expressed interest in the technology, how long the tests will last and how many of the "Visa PIN cards" issuers will distribute. Visa wants consumers to use the cards while making an online transaction or logging in to online-banking sites. A cardholder would press a button on the card to start the authentication process and, when prompted, enter the appropriate PIN. The card's display panel provides a one-time passcode, which the cardholder enters into the site's Verified by Visa window, the spokesperson says. "This is then forwarded to the issuing bank, which validates the passcode," the spokesperson says. "For online banking, once you've logged in and put in your account number, the passcode would be in place of the password. Again, it would be the issuing bank that validates."