Cornèr Bank first in the world to issue Visa CodeSure cards

Cornèr Bank first in the world to issue Visa CodeSure cards

Cornèr Bank of Zurich is to be the the world's first issuer of the Visa CodeSure payment card, which includes an integrated PIN pad to generate one-time-use security code for secure online payments.

Cornèr Bank says it will issue the new card - which also incorporates contactless technology - to several thousand consumers over the coming months.

The move comes five months after Visa formally launched the product for commercial uptake following a string of pilot trials with eight European banks.

The card, developed using technology from Australia-based Emue technologies, features an eight digit alpha-numeric display, a 12-button keypad and battery embedded in the card, which is designed to last for three years.

Alessandro Seralvo, director, Cornèrcard says the bank wanted to give customers peace of mind when buying online.

"The Internet has developed into an important purchasing channel for Swiss consumers, who buy around 6 billion Swiss Francs worth of products online each year," he says. "With this revolutionary new technology fraud online will be significantly further reduced, as the cardholder is required to enter their PIN for each online transaction, preventing any unauthorised use."

In October, Bank SinoPac in Taiwan issued the first MasterCard credit card incorporating a digital display for one-time-password authentication.

The MasterCard "SinoPac Display Card" uses technology developed by Swiss-based NagrraID Security. Cardholders shopping online tap a button on the card, and a six-digit screen in the top right corner displays a dynamic password.

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