Major card schemes zero in on single 'buy' button for online commerce
19 April 2018 | 12313 views | 1
Major card schemes are rallying around the the new EMVCo Secure Remote Commerce (SRC) framework in a bid to create a ubiquitous online shopping technology standard backed by token-only storage of payment details.
Both Visa and Mastercard have set out their plans to support the standard at an industry event in Las vegas. The idea is to replace the myriad multiple steps that consumers must take to purchase online with a consistent one-button checkout experience for any card, no passwords needed.
For Visa, the standard is expressed through the formation of a new Digital Commerce Programme, incorporating the Visa Checkout base of 33 million customers, 350,000 merchants and 1600 financial institutions. The ambition is to adopt a phased approach to implementing the new standard beginning in late 2018.
Likewise Mastercard has issued a rallying cry to merchants, acquirers, issuers and other technology players to support the initiative. The card scheme believes there is an opportunity for SRC payments standards to work alongside the W3C browser standards to bring more security and consistency to consumers at the merchant checkout.
Tokenisation - replacement of card numbers with unique one-time only codes - will also have a big part to play.
"Just like EMV chip has brought security to the physical world, tokenization everywhere is critical to secure the digital world," says Mastercard. "Today, nearly 75 percent of all cards globally are ready to be tokenised. A token-only world is within reach and SRC will support this by building on the tokenisation standards. It renders the credentials useless to fraudsters and reduces the risk for merchants. And critically, it also provides consumers visibility into where their credentials are stored and how their data is used."