Visa Europe and Swiss Issuer Launch Payment Card with Embedded PIN Pad

Nov. 22, 2010

Visa Europe and Swiss financial institution Cornèr Bank recently announced the launch of a payment card with an PIN pad embedded right on the card for added security when making online transactions. With Visa CodeSure, which will be available initially in Switzerland, consumers generate a passcode by typing their PIN number into the card each time they make a purchase. In addition to online and traditional magnetic stripe functionality, the companies said the card comes with contactless functionality for low-value items (under CHF40 ($40.32)). “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,” said Alessandro Seralvo, director of Cornèrcard. “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 unauthorized use. Combined with contactless technology, the card will revolutionize the way consumers pay, allowing speed of service and security, as well as worldwide acceptance.”