Sweden's ForeningsSparbanken (Swedbank) is to launch a new online payment service using disposable credt card number technology from Orbiscom.
Customers using the new service will be provided with a "virtual" credit card that generates a unique, disposable number for each payment transaction. This makes it unnecessary to provide the real credit card number, which is thus protected from fraudulent use.
"The new service will mean new watertight security for Swedbank customers trading over the Internet," forecasts Markus Edstrom, card product manager at Swedbank. "This will provide a strong encouragement to consumers still wary of shopping on line."
Consumers can use the disposable card number to pay at any merchant worldwide that accepts credit or debit cards. There will be no need for merchants to adapt their systems, says Edstrom.
The virtual card will offer additional features, he says, including automatic form-filling, transaction history, and ability to charge purchases to different accounts. In the initial phase the service will be available via PC. Extension to mobile phone and digital TV will follow, says the bank.