Discover, Mastercard and Visa Make eCommerce Announcement at TRANSACT

Executives from Mastercard, Visa and Discover made a major announcement last week at TRANSACT to simplify and further secure the online payments experience.

During the Keynote “Driving Secure Ecommerce: Market Growth and Consumer Ease,” Mastercard EVP Jessica Turner, was joined by Amy Parsons of Discover Financial Services and TS Anil of Visa, to announce their collective endorsement of the new EMVCo Secure Remote Commerce (SRC) framework. The networks will leverage EMV Payment Tokenization online to create a simple, streamlined verification and consistent digital shopping experience while decreasing fraud.

“The consumer will see a consistent experience, so that they feel safe and secure in knowing their transaction is happening as it should,” stated Turner during the keynote.

The SRC technical framework means that the card networks could create a standardized online checkout experience – a single checkout button –  for merchants and consumers while increasing security and ease of use. That means that consumers could rely on the same simple, consistent and secure online payments experience at every online merchant across a variety of channels like mobile commerce, Internet-of-Things and voice commerce.

Online shopping grew by 20 percent last year, but 30 percent of consumers abandon their online carts because of checkout complexity and online checkout times average 10 minutes, Mastercard says. The shift to the SRC technical framework could satisfy the need to have better eCommerce solutions by  increasing the efficiency, security, satisfaction and simplicity of the online transaction, the card networks said.

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