Egg beats rivals with secure transaction technology

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