Visa eyes secure-payments plan for buyers on net

By RICHARD BRADDELL

Visa International hopes to bring some much-needed assurance to consumers buying over the internet, through a secure e-commerce plan.

The secure-payments system is now being piloted by Singapore's Union Overseas Bank. Visa hopes to have pilots running in Australia and New Zealand in the coming year.

Visa's Australian and New Zealand electronic commerce manager, Jackie Brian, said the public's perception of internet security was worse than the reality and the amount of business-to-consumer commerce over the net was not large.

But the proportion of internet transactions that turn sour - and how that compares with other credit card transactions - is kept secret.

Although the aim is to make consumers feel better about buying goods over the internet, the advantage may well lie with merchants, who at present may carry the full cost if a buyer is not happy.

The secure payments initiative sets up a process by which merchants and consumers are pre-registered so that transactions can be authenticated.

The aim is to make the system device independent, so it might be used for payments via cellphones or interactive television as well as on the net.