Technique for performing financial transactions over a network

A computer-program product for use in conjunction with a computer system, the computer-program product comprising a computer-readable storage medium and a computer-program mechanism embedded therein for performing a financial transaction over a network, the computer-program mechanism including:

• instructions for receiving a first encrypted PIN code which is associated with the financial transaction and which is encrypted using a first encryption technique that is associated with a PIN pad;
• instructions for translating the first encrypted PIN code into a second encrypted PIN code using a second encryption technique, wherein the translating involves decrypting the first encrypted PIN code using the first encryption technique and re-encrypting the decrypted PIN code using the second encryption technique, wherein the second encryption technique is shared by a merchant associated with the financial transaction and an acquirer processor, which processes financial transactions for the merchant;
• and
• instructions for providing the second encrypted PIN code to the merchant for subsequent processing of the financial transaction.

A computer system, comprising:

• a processor;
• memory;
• a program module, wherein the program module is stored in the memory and configured to be executed by the processor, the program module including:
• instructions for receiving a first encrypted PIN code which is associated with the financial transaction and which is encrypted using a first encryption technique that is associated with a PIN pad;
• instructions for translating the first encrypted PIN code into a second encrypted PIN code using a second encryption technique, wherein the translating involves decrypting the first encrypted PIN code using the first encryption technique and re-encrypting the decrypted PIN code using the second encryption technique, wherein the second encryption technique is shared by a merchant associated with the financial transaction and an acquirer processor, which processes financial transactions for the merchant;
• and
• instructions for providing the second encrypted PIN code to the merchant for subsequent processing of the financial transaction.