ICICI Bank Launches Carbon, A LCD Screen Based Credit Card For Secure Online Transactions
Security is one of the most important aspects to carry out any financial transactions online. Customers are wary of the using their credit cards online as incidents of credit card details falling in wrong hands are quite frequent.
Even though Indian ecommerce sites as well as banks have vastly improved their security when it comes to executing online transactions, there are still high number of fraud transactions getting reported.
To overcome this, ICICI Bank has launched a next generation fully secure credit card called ICICI Bank Carbon that promises to be one of the most secure ways of using credit card online.
ICICI bank has tied up with Visa to integrate their Codesure technology in their credit cards. Codesure is basically a technology that is designed to add security for consumers in Card Not Present (CNP) purchasing environments like in the case of online purchases.
ICICI Bank Carbon is Asia’s first credit card powered by Visa CodeSure, which along with EMV chip technology, makes the card one of the safest for any usage, especially for online shopping.
How ICICI Carbon Works?
In order to use this card, the Carbon Card member initially needs to generate a CodeSure PIN on the ICICI Bank website prior to using the card. This is a one-time activity.
Using this CodeSure PIN, the card member can instantly generate a one-time-passcode (OTP) on the credit card plastic itself. The display panel on the back of the card then shows this one time password which can be used to authenticate online transactions.
This means that the card is secure, even if somebody has fraudulently accessed the card number, as no online transactions can be carried out without the CodeSure PIN and OTP. Also, even if the customer loses the physical card, it cannot be used for online transaction without the CodeSure PIN which is exclusive to the customer.
These kind of CodeSure technology based cards are quite popular in Europe, and given the fact that they are ideal for online purchases, they might find number of takers in India where online shopping is catching up quite fast.
The ICICI Bank Carbon will be offered to select ICICI Bank Credit Card members only. It is available at an inaugural one-time fee of Rs. 1,000 plus applicable service tax. If you are interested in getting ICICI Carbon, contact ICICI Bank’s 24 hour customer care for more details.
Would you go for it?
[press release]
