The two companies have been working on the Visa CodeSure card - which contains an embedded display, microprocessor and 12 button numeric keypad - for around 18 months.

MBNA, a Bank of America company in the UK, Cornèr Bank in Switzerland, Cal in Israel and IW Bank in Italy are all piloting the technology for online and telephone transactions. Another pilot has been carried out by Deloitte employees, using the password generator to remotely access IT systems via a virtual private network (VPN).

Visa has now joined Deloitte Touche Tohmatsu as an investor in Australia-based Emue.

Sandra Alzetta, head, innovation, Visa Europe says: "We are working with Emue to develop the Visa CodeSure product to bring innovative card technology designed to combat online fraud both now and in the future. The investment is just a further extension of our existing partnership."