Visa Enhances Its Verified by Service

Visa Enhances Its Verified by Service
30.05.2017 12:00 pm

Visa Enhances Its Verified by Service

Payments

Visa today announced upcoming enhancements to its Verified by Visa service, a global solution designed to make online purchases more secure by helping ensure payments are made by the rightful owner of the Visa account. 

The upgrade will deliver rich data to financial institutions and merchants to better authenticate consumers and reduce fraud on transactions made via a mobile or desktop browser, app, or connected device. As part of the upgrade, Visa is enhancing its systems to support 3-D Secure 2.0, the next generation of a security platform that was pioneered by Visa and is underpinning the Verified bv Visa Service. 

The updated technology behind 3-D Secure 2.0 provides more tools for issuers and merchants to customize the authentication process and ensure the consumer experience is easy and fast. By building a real-time, collaborative, information-sharing pipeline, Visa has enhanced the data transfer between merchants and issuers to use an unprecedented number of transaction attributes (e.g. device type, shipping address). This allows merchants and financial institutions to authenticate customers more accurately in real-time. Studies show checkout time can be reduced by 85 percent and, in turn, cart abandonment is anticipated to decline by as much as 70 percent.

“Authentication technology has come a long way since the days of magnetic stripes and signatures. As the way we make payments has changed, so, too, has the need for innovation to keep transactions secure. The vast majority of Europeans have used a mobile device to make payments, but fraud and security concerns remain the number one deterrent,” said Mike Lemberger, Senior Vice President , Product Solutions Europe, Visa.

“By helping to lead the development of 3DS 2.0, we are able to offer an enhanced authentication service that makes these payments both faster and more secure. For European retailers, this helps address the ongoing challenge of reducing cart abandonment in an e-commerce market. This update also provides all the necessary tools to ensure PSD2 compliance for card payments - a major benefit which should not be underestimated.”

To ensure issuers and merchants have time to test, pilot, refine and fully roll out solutions, current Visa rules for merchant-attempted transactions using 3-D Secure will extend to the updated version beginning April 2019. Merchants and issuers are already working on their implementations and Visa expects early adoption to begin in the latter half of 2017. Visa will continue to work with clients and partners globally to support the new 3-D Secure 2.0 solutions, with a focus on continuing to improve payments security and increasing authorizations, to ensure seamless digital payment experiences.

Enhanced multi-device capability will help to protect consumers wherever and however they choose to pay. Visa’s 2016 Digital Payments Study of over 36,000 European consumers revealed three times as many pay regularly using a mobile device compared to 2015 (54 percent vs 18 percent). The improvements will also help enable the future integration of payments technologies into the Internet of Things, as over 20.8 billion connected devices are forecast by Gartner to be in use by 2020. Enhanced risk-based authentication will cut down points of friction by reducing instances requiring step-up verification, such as a static password or PIN, when making a purchase across any device.

Related News

Dzing announces launch of its new digital payment app

Dzing, a new to market electric money and payment institution, today announced the launch of its new mobile payment app, to allow international students, remote freelancers,... Read more »

Brady Harris Joins Dwolla as CEO to Scale Distribution

Dwolla, the programmable payments platform, today announces the appointment of Brady... Read more »

Poland’s National Payment Processor Partners with Cryptomathic to Deliver eIDAS-certified Remote Qualified Electronic Signature Services

Polish citizens can now sign documents digitally using mSzafir, a remote qualified e-signature service with the highest levels of security under European law, thanks to a new... Read more »

Mastercard enables Contactless limit raise across 29 countries; and champions permanent increase

Today Mastercard announced its commitment to enabling the increase in contactless payment limits across... Read more »

TransUnion Research Quantifies How Social Distancing is Changing Shopping Patterns

TransUnion (NYSE: TRU) today released new research that quantifies the spike in digital commerce since social distancing became widespread globally. The company found a 23%... Read more »

Wirecard expands presence in Mexico

Wirecard, the global innovation leader for digital financial technology, and Banca Afirme, a Mexican financial institution with a nationwide presence, are collaborating to... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel