jamesa - 9:00 pm on Dec 20, 2002 (gmt 0)

The good thing about this is that the PIN verification is not done on the merchant's server, so the merchant will never see the PIN. That was the problem with the CVC2 code: once you've given it out it's not private anymore - everybody and their brother will have it eventually. So it looks like a big improvement. Though, recurring billing will be a nightmare I'm sure.

Along with the transfer of liability away from the merchant, this is great news. :)