26 August 2016
Find out more

Visa Europe phases out VbV password requirements in UK

24 July 2012  |  7500 views  |  0 Source: Visa Europe

Visa Europe today announced that approximately 65% (expected to rise to more than 90% when fully rolled out) of Verified by Visa (VbV) transactions in the UK no longer require cardholders to enter their VbV password.

Marking the continued development of the VbV consumer experience, password-free authentication offers the same level of fraud protection for retailers and their customers without interrupting the checkout experience.

With password-free authentication, VbV transactions are risk-assessed, in real time, using a wide range of information and data sources. Consumers are only asked to enter a password for higher risk transactions. Password-free authentication reduces the number of consumers who drop out of the checkout process, offering the potential for higher revenues for retailers. The average drop out rate for password-free VbV transactions is approximately one percent.

Duncan Olby, SVP of ecommerce at Visa Europe, said: "Verified by Visa has become a watchword for fraud protection with approximately 60% of Visa UK ecommerce spend covered by VbV. Password-free authentication is helping our retail partners enhance their checkout experience and benefit from increased sales, while offering the same level of fraud protection and peace of mind."

Phil McGriskin, Chief Product Officer, WorldPay, said: "The majority of our eCommerce retailers have implemented VbV and the move to password-free authentication is a welcome improvement that brings our retailers significant additional benefits in terms of faster checkout times, reduced abandonment rates and increased sales, whilst still retaining the financial benefit which VbV provides to them." 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit equens.com

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8954 views 0 | 56 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7437 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7116 views 11 | 24 tweets | 9 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6420 views comments | 17 tweets | 19 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job