Mastercard is calling for common global payment standards for online shopping.
Giving its backing to the EMVCo Secure Remote Commerce (SRC) framework introduced last year, the payment company called on merchants, acquirers, issuers and other technology players to give consumers the same simple, secure and convenient payment experience across every browser and every device.
“Similar to the single, standardised acceptance terminal on a merchant’s countertop, we believe that SRC can be implemented as one, common checkout button,” Mastercard said.
A standard checkout button for all online payments would deliver a more consistent checkout experience for online and mobile shoppers, reducing the multiple steps they currently face on different platforms. It would also make it much easier for merchants to implement and securely store tokens on file and improve their approval rates, the company argued.
Tokenisation replaces the user’s card data with non-sensitive data, known as a token, rendering it useless to fraudsters and reducing the risk for merchants.
“We are taking the same kind of approach that we have taken to securing and improving payments at the point of sale, such as moving from mag stripe technology to chip technology, and applying a similar approach in the online world,” commented Mike Cowen, vice-president digital payments at Mastercard UK, quoted by Computer Weekly.
Cowen said that the organisations behind EMVCo, including Mastercard, American Express, Discover and Visa, will define the new standards for online payments.
And he explained that the system will take advantage of existing security technologies, such as EMV tokenisation and customer authentication mechanisms including biometrics, which means that people will not have to remember passwords and codes.