Absa Bank, in partnership with US electronic payment software provider Trintech, has launched an Internet security initiative that it hopes will encourage users to shop online.
The PayWare eIssuer system from Trintech, backed by Visa and Mastercard, allows users to perform Internet commerce transactions without sending their credit card numbers across the Internet. The initiative also opens e-commerce to debit card holders.
Internet shoppers can download an Absa wallet onto their desktops which, when used for an online transaction, assigns them a pseudo-card number and expiry date. The pseudo-number is valid for a specific time limit, a specific site, and for a specified amount. Once the transaction has been processed, the pseudo-card number - which appears to be a standard credit card number to online merchants - expires.
"Unlike other restricted online environments, you will be able to shop on any Web site, anywhere in the world using this facility, without worrying about security," says Absa group executive director Santie Botha.
According to Absa, studies indicate that over 50% of potential online shoppers are discouraged to use e-commerce facilities because of security concerns. Absa hopes that the possibility of transacting on the Internet without revealing credit or debit card numbers will create the perception of security.
This facility is only available for Absa debit and credit card holders at no extra cost. PayWare eIssuer is capable of integrating with PDAs and other mobile devices, although the Absa offering currently only supports the desktop wallet.
Absa used Trintech`s technology earlier this year for its business-to-business payment solution.
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