For the last decade, the only constant in the digital payments industry has been change. Some of the most notable changes have been the introduction and proliferation of mobile shopping, the advent of new payment methods and the release of new 3-D Secure specifications.
The release of the new 3-D Secure specifications, which occurred in October 2016, was long overdue, and created a lot of widespread speculation as to how this would affect the industry in the future. Today, we have more answers regarding EMV® 3-D Secure (also referred to as 3-D Secure 2.0), the impact it will have on the industry and when, exactly, people in the industry need to prepare themselves for this shift.
In April, Visa and Mastercard will be taking different measures to enact the new protocol. For Visa, it’s the European activation date for EMV® 3-D Secure and, for Mastercard, it signals the beginning of the period where their merchants and acquirers must support their new EMV® 3-D Secure solution, Mastercard Identity Check.
These, however, are just dates in the future. It’s important to consider the impact of EMV® 3-D Secure on the larger digital payments ecosystem. This new protocol will help simultaneously drive down fraud and improve the transaction experience for consumers. This is a revolutionary step, because in the past, most merchants or issuers would have to sacrifice one at the expense of the other.
EMV® 3-D Secure will open new data channels, giving issuers access to more data, enabling them to make smarter, more efficient decisions. The entire industry will benefit from this development and Cardinal will be there to help merchants and issuers through this transition.
The Cardinal Authentication Network was built for this new, data-rich world. Since Cardinal provides authentication solutions for both merchants and issuers, we have unique insight into the entire experience.
With this network, Cardinal is focused on offering authentication solutions that can both help prevent fraud and expedite the consumer experience, which we have been able to accomplish due to constant innovation, in the face of changes in the industry. Moving forward, the Cardinal Authentication Network will continue to deliver exceptional results for both merchants and issuers.
With the Cardinal Authentication Network, Cardinal puts Authentication First.