Visa announced its continued commitment to reducing friction and improving security in digital commerce by reiterating support of the draft EMV® Secure Remote Commerce (SRC) Specification.
The draft EMV SRC Specification provides a foundation for digital transactions that gives consumers, merchants and issuers a single digital point-of-sale, resulting in a consistent, convenient and secure way to pay.
EMVCo has spent the last year gathering feedback from across the payment ecosystem on the specification.
Visa now encourages merchants, issuers, acquirer gateways and other interested participants to provide feedback and comment during a 45-day public comment window. Once complete, EMVCo will publish the final specification.
Shoppers are increasingly migrating to websites, mobile phones, and voice-activated devices. But their buying experiences are full of friction because they are required to manually enter payment details.
With SRC, consumers’ digital buying experiences will be easier, faster and more secure – just like their experiences when shopping in-stores.
“Today, digital commerce is an inconsistent and often friction-filled experience for consumers, and that also results in poor conversion for merchants. The specification from EMVCo will become a foundation for the evolution of digital payments, that will ensure ease of payment for digital and IoT payments well into the future.”
TS Anil, global head of payment products and platforms, Visa
By developing a standards-based experience, Visa is helping ensure that the key principles of choice, privacy and security are upheld throughout the payments ecosystem.
Standardization also helps streamline digital payments, making them more consistent and reducing the friction that often leads to consumer frustration and shopping cart abandonment.
By implementing SRC, Visa will simplify the collection of payment details from consumers and secure them using the newly expanded Visa Token Service.
Together they form the foundation of Visa’s best-in-class digital payment experience, which improves security and convenience for people who are shopping more on mobile devices, mobile apps and online with eCommerce merchants.
As part of this evolution, Visa Checkout, with its more than 40 million consumer accounts, 350,000 merchants and 1,600 financial institutions in 26 global markets, will evolve to the new EMV SRC Specification starting mid-2019 and will support participating card brands, including Visa, Mastercard, and American Express.
What do you think about VISA continuing to improve online payment security? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
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