Visa wins European award for secure online shopping application

Thursday 29 April 2004 10:13 CET | News

Verified by Visa, has won an industry award for the best use of new technology in the European card industry.

Verified by Visa win was part of the Lafferty European Credit Card and Consumer Finance Awards 2004 which recognises industry developments in everything from processors to the most dynamic and innovative newcomers. Other shortlisted technologies included: - Oyster Prepaid Contactless Card, - Akbank Chip Loyalty programme. Verified by Visa is a password-protected system that guarantees cardholder identity when shopping online and is estimated to reduce the number of disputed transactions by up to 80%. UK retailers will save an estimated £55 million a year by adopting Verified by Visa. The system is currently being rolled out to Visa cardholders across Europe and creates a secure online shopping environment by requesting cardholders to provide a unique personal password when paying for goods online with their Visa card just as they would provide a PIN or signature on the high street. This guarantees that the shopper is who they say they are when supplying their card details to an online shop and ensures against the card being used fraudulently by others. Verified by Visa is already widely used in the US and was launched to European retailers in April 2002. To date, Verified by Visa has already been adopted by 80% of US banks, and the European rollout is also gathering pace. Over 10,000 retailers, 54 acquiring banks and 50 issuing banks across Europe have now signed up for the service. Acquiring banks registered for Verified by Visa now cover 95% of total UK e-commerce traffic.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce