I’m still very confused about the lacks of security when paying with credit card in US.
In Europe, the penetration rate of the smart card and the usage of the PIN code with the chip (and not the magnetic stripe) is well beyond the 90% for more than ten years.
This allows Visa and Mastercard to propose new services and products in European countries such as OTP generation within the card or through a reader, electronic purse (aka. Moneo) and, in few years, contactless access like for transportation.
Even if it is not possible to rely on a chip, new solutions and services exist. Dynamics Inc. has presented four new types of credit card and will two more in the next monts:
- n MultiAccount™
- This credit card that can allow one to pay with with several bank account using only one card. By pushing a button on the card, the client can select the right account to use.
- n Hidden™ :
- This credit card masks a part of the bank account number embossed in it. By pushing button in a correct order, the client can display the whole information to the merchant.
- After a certain amount of time, the display is cleared.
- n Redemption™:
- This device allows the user to choose between paying with his bank account or the reward plan associated to store. The amount of points is automatically used as “money” for the transaction.
- n Dynamic Credit Card™
- This device writes a new credit card unique number to the magnetic stripe each time the button is pushed by the client. A credit card number can only be used once. The system is the same as an OTP system.
The last product can be seen as an alternative to the Visa “e-Carte Bleue” service which can do the same for online transactions.
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