The Nationwide Building Society has become the latest convert to the joys of the Chip & sPin card readers for use with online transactions, following a deal for a million Xiring card readers announced this week.
The BS plans to ship the Xiring Xi-Sign 4000 units to its credit and debit card userbase later this year.
Like the systems used by other banks, the Xiring unit
generates a one-time passcode that is entered online by the user.
Talk about cumbersome.
Mind you, the real news is that the Nationwide is one of the most parochial of financial organisations out there, so the fact that the BS is going down this route almost certainly means we'll all be using these wretched gizmos sooner or later.
`But isn't Chip and sPin supposed to be secure' you cry...