Egg beats rivals with secure transaction technology

Egg will be the first UK bank to implement Visa's latest ecommerce security technology.

The technology - known as 3 Domain SET (secure ecommerce transaction) - allows users to make a purchase without sending their credit card details over the internet. Customers send a message to their own bank which then contacts the retailer's bank directly. Egg has a provisional agreement for 500,000 of the Visa SET-enabled wallets which customers need to use the service. Egg has a provisional agreement for 500,000 of the Visa SET-enabled wallets which customers need to use the service. Visa's European issuing banks are all committed to implementing 3 Domain SET by October 2001. From June 2001 any Visa retailer which has complied with the SET specification will no longer have to pick up the tab for disputed transactions- liability will pass to the card issuing bank. By Ben King