The best way to lose money is to make it difficult for people to give you their money. Yes, that’s painfully obvious, but it’s a lesson reinforced every day in commerce a lesson that holds true as more shopping goes online and becomes ever more mobile.
A new payment tool promises to ease a good deal of that friction. On Friday (June 7), EMVCo released its long anticipated EMV Secure Remote Commerce (SRC) Specification version 1.0. The specification is available for free public download from the EMVCo website. According to the secure payments enabling group, the “specification provides a foundation that will enable the processing of e-commerce transactions in a consistent, streamlined fashion across a variety of digital channels and devices, including smartphones, tablets, PCs and other connected devices.”
The specification offers a way around that by enabling consumers “to pay with their secure payment profile, anywhere they see the Secure Remote Commerce icon, resulting in a fast, consistent and trusted experience,” Visa stated via an analysis sent to PYMNTS. “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.”
According to Visa, while shoppers are migrating to websites, mobile phones and voice-activated devices, their buying experiences have been full of friction because they have to manually enter payment details. With SRC, consumer buying experiences online will be easier, faster and more secure.
By developing a standards-based experience, Visa said it helps ensure that the key principles of choice, privacy and security are upheld throughout the payments ecosystem. What’s more, it said standardization also helps streamline digital payments, making them more consistent and reducing the friction that can lead to shopping cart abandonment.
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