3D Secure 2.0 is going to make merchants rethink their checkout process.
Some time ago on one of our satellite websites, we appealed to merchants to think about utilizing 3D Secure to combat e-commerce fraud. It was a big ask – 3D Secure was considered a disruptor, an invitation to checkout abandonment.
That has all changed.
Though known as the best defense against online credit card fraud and the best solution for shopping cart abandonment, the primary knock against 3D secure was that it caused too much friction in the checkout process. Whichever form of 3D Secure a merchant used – Verified by Visa, MasterCard SecureCode or American Express SafeKey – it seemed to drive away consumers during the checkout process.
3D Secure 2.0 is expected to remedy that.
It is safe to say EMVco, the company created and owned by the six largest credit card issuers, listened and responded to merchant and consumer gripes. According to a graphic in Digital Transactions via Aite Group, only 18 percent of all transactions in 2015 involved use of 3D Secure – still low, but a significant increase of 6 percent in 2013. Payments industry experts are forecasting significant growth.
With merchants who implement 3D Secure, the online payments process is said to be far more efficient and frictionless with more benefits than the original rollout.
In short, everyone.
Consumers enjoy smoother transaction experiences that are more secure than ever.
Merchants will see lesser and lesser instances of checkout abandonment resulting in more sales.
Credit card issuers will enable more transactions through the better use of rich data analysis.
Instabill can offer new and existing merchants 3D secure solutions with credit card processing by calling 1-800-318-2713.