Visa Introduces Chinese Passwords

Why Am I Not Filled With Confidence?

"Visa has partnered with banks in China and Taiwan to introduce an SMS-based one-time password system for cardholders to authenticate themselves when making online purchases.

"The service is based on the card network's Verified by Visa authentication system, which requires cardholders to punch in a secret PIN when paying for goods over the Internet.

"But instead of the customer using a fixed code, they are sent a one-time password to their mobile phone which is used to verify their identity.

"Visa is introducing the service with Chinatrust Commercial Bank in Taiwan and China Everbright Bank in China. To sign up, customers enroll their cards for Verified by Visa and register a designated mobile phone number on their bank's Web site."

From finextra.com...