Nyce plans to pilot SafeDebit beginning in early 2009. In connection with the pilot, Nyce has said that consumers who want to use the SafeDebit option when making purchases online will choose Nyce SafeDebit on the merchant’s web site during the checkout process. The system then redirects them to their financial institution’s online banking site, where they log on as usual through that site’s existing security protocols.
The SafeDebit system then generates virtual debit card information for one-time use and automatically populates the merchant’s checkout screen with this information, with no additional keystrokes required from the consumer. The consumer’s actual debit card number is never disclosed to the merchant, and a PIN is not required for these transactions.
Steve Rathgaber, president and COO of Nyce, said: With SafeDebit, Nyce is bringing a new technology solution to the e-commerce market to help both merchants and financial institutions generate new revenue opportunities. Consumers find shopping online convenient, but many choose to avoid it because of security concerns. Alternative payment products are addressing those concerns at the same time they bypass the financial institution.
