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The deal here is that you normally enter you credit card info on pages that use SSL (don't you?) and the transaction is secure. However, the merchant may or may not have good security on their site. So, you will be able to sign up for the new service and when you do you will be prompted to enter a password. So, when you go to a participating merchant, you will be prompted for your password. The password is stored on a third party server away from the merchant and in fact the merchant has no way of knowing the password.
The third party server checks everything out to make sure you are who you say you are and then issues a certificate to the merchant so they know that all is OK.
I hope this handy to know for all the Visa users on P2L
