An historic milestone will be achieved, where payment executives from around the globe have gathered to witness the world’s first online card-present payment. This groundbreaking advancement brings tap and PIN—the globally familiar, simple, and universally trusted way to pay—into the online world for the first time, marking a pivotal moment in the evolution of payment technologies. Known as 'Card-Present over Internet' (CPoI), this innovative payment solution, developed by Welsh company Burbank, enables merchants to securely process card-present transactions in online channels.  

“With CPoI, we are aligning in-store and digital payments. Our goal is to transform e-commerce by significantly reducing fraud and eliminating false positives—issues that have long plagued online sellers”, said Burbank CEO, Justin Pike. 

 “CPoI will open up internet purchases to all ages and give consumers the highest level of protection when shopping online, whilst revolutionising online commerce for merchants by mitigating fraud, setting a new standard for secure online transactions”, he adds.  

Currently, online merchants face over $40 billion annually in fraud and chargebacks, which is when a cardholder disputes a transaction and the merchant is obligated to provide a refund. Payment fraud is growing an enormous 69% per year, and chargebacks at 52%.  

Mr Pike expands, “With CPoI, online shoppers simply tap their payment card against their own mobile device and securely enter their PIN to complete payment, just as they do in-store. The physical card and PIN confirm the true cardholder’s identity, therefore significantly reducing the opportunity for fraud”. 

Beyond fraud prevention, CPoI addresses an even costlier problem for online businesses: false positives, where legitimate transactions are incorrectly flagged as fraud by anti-fraud systems, giving merchants a considerable revenue boost.  

“These erroneous actions cost merchants $443 billion per year, with 65% of blocked transactions being false positives. Worse still, 41% of affected customers never return to the retailer. With CPoI enabling card-present payments online, merchants no longer need anti-fraud technology, effectively eliminating false positives and improving the customer experience, whilst costing the merchant nothing to deploy”, says Mr Pike. 

Online retailers may experience other benefits with CPoI as it removes barriers to online shopping by enabling consumers to pay online the same way they do in-store. Great news for consumers wary of entering and storing card details online, or who may struggle with convoluted online checkout experiences. 

By making online payments as seamless and secure as in-store transactions, CPoI has the potential to drive greater consumer confidence, increase conversion rates, and enhance the overall online shopping experience. As the retail landscape continues to evolve, this breakthrough technology paves the way for a future where fraud is minimised, false positives are eliminated, and shopping online is more accessible than ever. With this historic milestone, Burbank is setting a new global standard for secure and frictionless online commerce.