The final barrier of protecting customer financial data comes in the form of PIN authentication when making card transactions. Some experts view this “forced PIN entry” as a two-factor authentication method, protecting the consumer from funds being stolen. However, relying on just a PIN isn’t sufficient, and the technology has to keep evolving.
MyPINpad has come up with a solution to digitize these PIN numbers and plans to offer the functionality to both online and mobile shoppers. To be more precise, this digitized form of PIN authentication would be made available to consumers using a mobile device and desktop computers.
What makes the service offered by MyPINpad so interesting is how it will not disrupt the existing bank protocols when making a card payment. In most cases, any form of additional security would cause inconvenience for users, but that does not appear to be the case here. Furthermore, the digitized PIN authentication method can co-exist with a traditional manual entry of the code.
http://themerkle.com/news/digitizing-pins-for-cards-resembles-bitcoin-payment-approach/