Business Wire India | 09 Dec, 2017
IDEMIA, the global leader in trusted identities for an increasingly digital world, announces its partnership with FlexiGroup, Australiaâs market leader in Point of Sale consumer and commercial finance to launch Australiaâs first MOTION CODETM credit card.
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Developed by IDEMIA (formerly known as OT-Morpho), the MOTION CODETM credit card1 is a high-tech payment card with a dynamic security code (CVV2) that automatically changes hourly. Instead of a static security codeprinted on the back of a bank card, the MOTION CODETM CVV2 is displayed on an e-paper âmini-screenâ. The security code automatically refreshes to a random security code every hour. This solution has no impact on the cardholder journey for safer online transactions: if compromised, this dynamic data becomes rapidly unusable.
As online shopping becomes increasingly popular, the cases of online fraud have escalated with online fraud in Australia rampant at $417m last year and growing 15% per year, according to the Australian Payments Network.
FlexiGroup will be the first company to launch MOTION CODETM credit cards in Australia in the first half of 2018.
âThe security of our customersâ payment details is tremendously important to us and the levels of security are constantly evolving with the increasing use of online payments. The addition of this dynamic security feature means FlexiGroup will be able to offer customers advanced safeguarding when making online purchases. We continually strive to deliver innovative and tailored financial solutions for our customers and we are excited to partner with IDEMIA to be the first to bring MOTION CODETM technology to Australiansâ, said Symon Brewis-Weston, CEO of FlexiGroup.
âWe are thrilled about this exclusive launch of MOTION CODETM here as it is the first product of its kind in Australia and has the potential to significantly impact the online payments industry by reducing fraud.But more importantly, MOTION CODETM can create better customer experience for shoppers as well as provide a strong sense of comfort and security for buyers to go onlineâ, said Mark Garvie, Asia Pacific Managing Director for Financial Institutions activities at IDEMIA.
FlexiGroup is also partnering with Mastercard to bring this new MOTION CODETM card to market.
âSafety and security is one of Mastercardâs global priorities, so weâre incredibly excited to partner with FlexiGroup to enable the launch of this Australian-first technology. We believe this technology will help shape the future of fraud prevention in Australia to make payments more secure, convenient and reliable for both businesses and consumersâ, said Matt Barr, Senior Vice President: Core, Digital and New Payment Flows.
FlexiGroup will announce further details on a new product offering featuring MOTION CODETM technology closer to launch in 2018.
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