Both Visa and Mastercard have set out their plans to support 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.
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.
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.
Refer full Finextra article.
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