OT-Morpho launches with CMBC the first payment card featuring MOTION CODE dynamic CVV2 in China
OT-Morpho, a provider in digital security and identification technologies, announced that Chinese bank CMBC’s new Visa Signature credit card is the first one in China to feature MOTION CODE, a technology developed by OT-Morpho to provide a higher security for internet transactions, considerably reducing the risk of online fraud.
Traditional payment cards feature a static cryptogram (CVV2) used to pay online, printed on the back of the card next to the signature panel. This data, as well as the card number (PAN) and expiry date, may be stolen and used to pay online fraudulently.
With MOTION CODE, the CVV2 becomes dynamic: the 3 digits appear permanently on a mini screen embedded within the card, but they change automatically every hour, without the need for the cardholder to press any button. That way, any stolen data becomes rapidly unusable online by a fraudster.
This genuine technological prowess was made possible by OT-Morpho’s expertise in “powered cards”, which are high-tech payment cards that contain additional electronic components, mini screens, LEDs or even fingerprint sensors, and that are powered by super thin batteries, yet keeping the same 0.8mm thickness and flexibility as a normal payment card. E-commerce has become a daily habit for millions of Chinese people who are shopping both locally and internationally.
CMBC together with OT-Morpho is targeting the cross-boarder e-commerce transactions providing this unique Visa Signature credit card to its cardholders addressing their specific needs:
- Protection against online fraud with MOTION CODE cards provided by OT-Morpho
- Specific discounts for international travelers (hotels & airlines)
- Additional Insurance on goods purchased online internationally
“CMBC is the first bank in China and in Asia to launch MOTION CODE and, furthermore, is doing so via WeChat to benefit from the power of this social network in china to provide an easy way for CMBC customers to order their MOTION CODE card in one click.
OT-Morpho, as CMBC ’s preferred partner for its payment card operations since 2010, is very proud to launch this first credit card with dynamic cryptogram to guarantee top-level security for online payments” declared Mark Garvie, Asia Pacific managing director of the financial services institutions at OT.