The foundation of most successful businesses, arguments or analyses lies in their data. Access to good, meaningful data opens up doors for consumers, issuers, merchants, service providers and others that would previously be slammed shut. We have believed in this mantra for the last two decades, and still do today, which has led us to invest in data-rich solutions that can make a substantial impact in the digital payments industry.
The EMV® 3-D Secure protocol is also a proponent of our new data-rich present and future. This protocol is pushing digital transactions forward, into a new era, by bolstering the number of data fields that are used during a transaction.
Consumers will have access to significantly more data fields during the checkout stage of the transaction, which will, in turn, give the issuer a greater ability to make an informed, quick decision on that given consumer.
EMV 3DS also recognizes the power of collaboration, which is why this protocol allows merchants to share their data with the issuer. Before this revolutionary change, merchants were often stuck with data that could successfully authenticate a given consumer, but without a way to use it in any meaningful way or get it in the hands of the issuer, who could put it to good use.
This protocol is prompting the entire industry to engage in the art of data-sharing, which, if utilized by the key players in the industry, can have an incalculable impact on consumers, merchants, issuers, authorization rates, authentication rates and the entire digital commerce world.
This is truly an evolution that is occurring before our eyes, and it’s incredibly exciting, both for us and the industry. While the implementation of increased data-sharing is a monumental step for everyone in our world, it will also help us solve certain problems that have plagued the industry for too long, including false declines, which we will dive into next week.
We also want to hear from you! We hope that you’re as excited about this as we are, and that you share our optimism about the future. Let us know what you think about this new reality!
EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.