May 15 ,2009
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Visa Testing New Card Technology, Pt.2
Another Layer of Security.Emue Technologies CEO, Brendan McKeegan says the new technology would help to deter an estimated billion dollars of U.S. credit card fraud a year. Credit cards now carry a three digit code and in some cases an added four digit code on the back of the card which is often used to verify that the consumer is in possession of the card. This new card would provide another layer of security by generating a unique one-time code which would be required for the transaction to be approved. Emue Technology is currently testing its new card in nine overseas markets. Visa Europe is one of the nine testing the one-time code credit card. The testing is scheduled to be complete in approximately six months.
Visa is a global company and their credit cards are used across the world, therefore, it is necessary to assure that the new technology will be compatible in the global interface. Assuring that the life span of the embedded battery is sufficient to meet the long life of the credit card is also a major focus during the testing period. Another concern has been making sure the buttons on the keypad will stand up to continuous use or to the possibility of a consumer pressing the wrong button. Developers say they have designed the buttons so that they require a “pinch” rather than just a simple press.
If all goes well, the next step will be for Visa to take the new technology to the banks and other card providers. It is expected they will be supportive. Emue is proud to be on the cutting edge of this new technology which is hoped to play a strategic role in combating massive numbers of credit card fraud activities across the world. Emue has been working on the state of the art technology for over two years.