Is now the time to speed up a pending card technology for those who are scared stiff of credit card fraud?

Starting in 2005, Emue, the Australian security and technology company, has produced functional prototypes of cards that include a 12-button keypad and screen display. In 2009, it partnered with Visa to test the advanced debit/credit card. With this new feature, Visa hopes to offer consumers greater security, and reduce online credit card fraud, too.

Here’s how it works:

When making a purchase online, you enter your PIN using the keypad located on the back of the card. An auto-generated code will appear assuming the PIN is correct. You then enter the auto-generated code into the correct field on the website payment page.

While the technology remains in the testing phase, I wonder whether there should be more of an effort to make it live. There are two sides to this new technology. On the one hand, it offers much-needed additional security — which is why I like it. But it also means consumers will be required to key a PIN every time they make a transaction. Some will no doubt find such technology to be a pain in the you-know-where.

Judge for yourself. Here’s what the technology looks like: