Visa Europe payment system is set to introduce its “CodeSure Matrix Display” card addition to its CodeSure card range. The “Matrix Display” card adds a fully customizable dot matrix display that supports local languages and non-Roman character sets. The card also has a smartphone-like ‘soft touch’ keypad and a highly visible power button to help banks customize the product to local language and usability preferences. Designed to add security for consumers in Card Not Present (CNP) purchasing environments, the CodeSure range also incorporates contactless payments technology within a card that is the same size as traditional debit and credit cards.
Visa Canada announced has introduced its first debit cards in the Canadian marketplace through CIBC. The first Canadian issuer to offer Visa Debit through its “CIBC Advantage Card,” CIBC will now allow its customers to shop online, by phone, mail and in more than 200 countries and territories using debit funds from their accounts. POS “CIBC Advantage Card” purchases will be processed through Interac debit network. Purchases made online, over the phone, by mail or internationally will be processed over Visa’s network, offering Visa “Zero Liability Policy;” The “Visa E-Promise;” “Verified by Visa;” and the three-digit security code (CVV2) located on the back of the card to avoid CNP fraud.
CA-based risk management provider Verifi has tapped Jennifer Schulz, previously COO, as its CEO.
Schulz joined Verifi in April, 2008 as Verifiâs Chief Operating Officer.
As CEO, Schulz will oversee Verifiâs continued transformation from a
successful startup into the premier provider of transaction risk
management, risk mitigation, business optimization strategies, refund
controls, Verified by Visa (VbV) and MasterCard SecureCode (MCSC)
cardholder authentication, and chargeback representment for merchants.
She will also manage the continued growth of Verifiâs Cardholder Dispute
Resolution Network service enabling Card Issuers to connect to
Merchant Businesses for more efficient management of the dispute
resolution process. Earlier, Schulz held numerous management positions with Visa, Inc.
including service as Global Head of Consumer Credit where she was
responsible for the growth and overall health of Visa’s credit business.
She joined Visa following a distinguished career with Diamond Management
& Technology Consultants, Inc.
CardinalCommerce has established a strategic partnership with CyberSource and has integrated the “Cardinal
Centinel Platform” with CyberSource’s payment management services to
provide CyberSource merchants with continued, strengthened support for
“Verified by Visa” and “MasterCard SecureCode”. By utilizing Cardinal’s hosted platform,
CyberSource customers will also have the benefit of improved reliability
and speed for VbV and MCSC transactions. Enhanced transaction
performance and Cardinal quality assurance review are designed to create
an optimized authentication experience for both merchants and their
customers. CyberSource is now able to leverage Cardinal’s
team, which provides active monitoring and quality assurance so
participating merchants receive the maximum benefits of VbV and MCSC —
including the potential for fraudulent chargeback protection and
interchange savings. CyberSource is a provider of electronic payment and
risk management solutions. CardinalCommerce enables
authenticated payments, secure transactions and alternative payment
brands for both eCommerce and mobile commerce.
The first naira denominated internationally functional Visa cards have been introduced. Lagos-based Diamond Bank has launched a “Classic,” “Gold” and “Platinum” Visa card that employs the EMV application and will soon offer “Verified by Visa.” The credit cards are also linked to the bank’s “Diamond Gems Reward” program. The bank’s first partner under the rewards program is Virgin Nigeria, the flag carrying Nigerian airline. “Diamond Gem Reward” points can also be converted to “Virgin Nigeria Eagle Flier” points on a one for one basis.
The new cards also feature a 5% monthly minimum payment and free SMNS alerts for all transactions. The cards carry a range of fees including monthly service fees of 500 naira for the “Classic Visa,” 750 naira for the “Gold Visa,” and naira 1000 for the “Platinum Visa.” Interest rates vary from 2.5% per month for the “Platinum” card to 3.00% per month for the “Classic” card.
AlertPay, an electronic wallet payment system enabling the sending and
receiving of Internet payments securely, has announced the deployment
of recurring billing services and credit card payment solutions using
“Verified by Visa” (VBV) and “MasterCard SecureCode” (MSC). This
development is of particular importance to merchants that offer subscription
services. “Verified by Visa” and “MasterCard SecureCode” applies a
personal password to be used in conjunction with a credit card
for online transactions. AlertPay has more than 1.1 million members
located in 148 countries around the world.
ICICI Bank and enStage have partnered with VISA for the
deployment of their 3-D secure solution, “ACCOSA 3-D”. The
new solution will provide protection to its cardholders for online
transactions. “ACCOSA 3-D” secure software initiates a verification
software at the bank using ‘Verified by VISA’, the program enables
the bank to intercept transactions to verify identity and requests
the cardholder to enter a PIN. Experts say this will prevent consumer
fraud and theft.
Verified by VISA announced a partnership to offer its online shopping security tool to Travelocity customers. Verified by Visa enables online shoppers to select a personal password they can use to authenticate their identity every time they make a purchase at Travelocity or one of the more than 100,000 merchants worldwide that now offer the service. Visa USA is the nation’s leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Travelocity is committed to being the traveler’s champion — before, during and after the trip and guarantees everything about a customer’s booking will be right. If it’s not, Travelocity will work with its partners to make it right, right away.
Arcot Systems has extended VISA’s “Verified by Visa” to mobile phone transactions which conform to the latest VISA dynamic passcode authentication specifications. The first implementation is being piloted in Russia and Europe. Arcot was the first software provider to enable 3-D Secure-protected mobile telephone transactions via its patented “TransFort” authentication platform. More than 10,000 card-issuing financial institutions rely on Arcot’s “TransFort” payment authentication solution.
VISA reported that total “Verified by Visa” card volume for the first nine months of this year was $5.4 billion, as the number of transactions increased 200%, compared to one-year ago. More than four million cardholders have signed up for the transaction encryption service to-date. More than 17,000 U.S.-based Internet retailers accept “Verified by Visa.” For participating “Verified by Visa” merchants, nearly three out of every ten dollars spent on VISA cards come from “VbV” authenticated transactions. VISA says the average “VbV” transaction is now $175 compared to $90 for non-“Verified by Visa” transactions, indicating that cardholders who have activated the service feel more confident shopping online. “Verified by Visa” was introduced in 2001.
AspDotNetStorefront has teamed with CardinalCommerce to release a new version of its shopping cart platform that supports the “Verified By VISA” and “MasterCard SecureCode” initiatives. AspDotNetStorefront is a leading Asp.Net shopping cart platform provider. The new version of the platform provides a solution to online merchants, helping them prevent artificial transactions and chargebacks. According to John Lazzaro, senior vice president of CardinalCommerce, the partnership with AspDotNetStorefront has advanced product offering and simplified merchant adoption of payment industry authentication initiatives. AspDotNetStorefront provides platforms to approximately 1,000 online merchants.
A new survey has found that one in five Internet users have ever made an online purchase, and of those who do shop online, 69% think e-tailers should do more to make them feel secure. The survey by VISA Europe found that even existing online shoppers have concerns about the safety of shopping online with one in five only buying over the Internet as a last resort. More than half of those surveyed agreed this continued
reluctance of web users to shop online was due to an “irrational fear”
of the Internet. This perception was borne out by the fact that,
although a clear majority of Internet users believe it is not safe
to give your credit card details online, only 15% actually know
of anyone who has their credit card details misused online. The release of the VISA Europe report marks the launch to consumers of VISA’s
online payment card protection system, “Verified by Visa.” To date, “VbV” has already been adopted by 80% of US banks, and the European rollout is gathering pace – over 10,000 retailers, 50 acquiring banks and 54 issuing banks across Europe have signed up for the service. Acquiring banks registered for “VbV” now cover more than 90% of UK e-commerce traffic.