Last week, Visa celebrated the publication of industry specifications for card not present payments and a new symbol identifying secure, simple and personal digital checkout. What this means in simple terms is this, online and mobile shopping is about to get a whole lot better.
In the digital age, consumers are constantly introduced to new ways of doing everyday tasks, and the simplest reminders like an image or logo can reinforce the promise of an easier, safer experience. Visa is working with the entire payments ecosystem to reduce the friction caused by manual credit and debit card entry, checkout decline rates, passwords and other hurdles shoppers and merchants face in ecommerce today, all while making the online shopping experience feel more familiar and reassuring shoppers that their ecommerce checkout is safe and secure.
Starting later this summer, Visa plans to enable new digital shopping experiences with its implementation of the EMV® Secure Remote Commerce (SRC) Specification v1.0 and payment icon, new ecommerce standards similar to those that have helped drive consistent, trusted, more secure experiences in the physical retail world. With its implementation of EMV Secure Remote Commerce, Visa aims to address today’s high shopping cart abandonment rate by reducing or eliminating the information fields customers need to fill out to complete a payment. That means more time shopping, less time and hassle checking out.
EMV Secure Remote Commerce sets the new benchmark for card payments in digital commerce, taking a standards-based approach, with an open platform for the ecosystem, including merchants, gateways, acquirers, issuers, and other payments and digital commerce service providers. With new standards-based implementation options, new simplified payment experiences can be easy to implement and can be enabled by the merchant’s service provider.
Additionally, merchants could see lower rates of declined payments and fraud because issuers will be able to securely receive more data, such as device information, with tokenized SRC transactions to make better-informed decisions.
So how will it work?
Shoppers today constantly move between browsers, app-based or voice-activated shopping experiences, and each merchant offers several ways to pay. With these existing options, consumers are repeatedly asked to provide personal information and their card credentials before completing a transaction. In fact, there are 23 information fields to fill out on average when paying for things online, from name and date of birth to shipping address, communication preferences and payment information today.
With the new EMV Specifications and Visa’s Secure Remote Commerce program, consumers and merchants can benefit from reduced friction in digital checkout. When a shopper is ready to check out online or from a mobile device they will be able to pay with their secure payment profile, anywhere they see the Secure Remote Commerce icon, resulting in a fast, consistent and trusted experience.
EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.