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ICICI launches Asia's first credit card with online transaction authenticator

September 12, 2013

ICICI Bank Limited, India's largest private sector FI, has debuted the ICICI Bank Carbon credit card with Visa CodeSure. In addition to an EMV chip, the card incorporates an alpha-numeric LCD screen, a keypad and a battery that enable the user to generate a one-time dynamic authentication code for online purchases.

With the introduction of ICICI Bank Carbon, the Mumbai-based FI becomes the first bank in ASIA to offer CodeSure, the FI said. The technology has been available in Europe since 2010.

To use the card, the accountholder designates a one-time CodeSure PIN that allows access to the card's code generating capability. The cardholder simply enters the CodeSure PIN on the card's keypad to generate a one-time-passcode, which is displayed on the LCD screen, and used to authenticate online transactions.

Even if a fraudster illegally obtains card data, the card remains secure, as online transactions cannot be completed without the CodeSure PIN and OTP, ICICI said. 

"We are happy to launch this card in association with Visa for the first time in Asia and I am sure that this will be as popular in India as it is in some of the European countries," said Rajiv Sabharwal, executive director at ICICI Bank. "This card will be one of the safest available for online and standard use and also comes with an EMV chip for added security against counterfeiting."

ICICI Bank Carbon will be offered only to select ICICI customers, who must pay a one-time fee of 1,000 rupees ($15.77) to obtain the card.

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