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Monday July 19, 03:37
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Visa, MC Bullish On 3D-Secure Payment Adoption
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About 16,000 retailers in Europe currently use MasterCard’s SecureCode program for online credit card payments, while Visa EU estimates roughly 10,000 merchants to be using its Verified by Visa program, according to Cards International. Card issuers and acquirers across Europe have until now focused on EMV compliance, but Visa and MasterCard are using the EMV fraud liability shift to promote secure online payments. In short, the card associations are aiming to drive adoption of secure eCommerce by offering payment guarantees to merchants and acquirers that enroll for secure online card-not-present payments.
MasterCard reports that 85 acquirers in Europe are implementing SecureCode, with 17 to 50 per cent of these having live merchants. Issuers are the focus of the card schemes’ latest efforts to promote secure online card payments in Europe, with merchants tending to access the service via a payment service provider (PSP) given the ability to simplify administration. Visa has indicated that the major card issuers in the UK are either live, or about to go live with secure online payments, and believes European issuers will be more conducive to promoting Verified by Visa from this fall, after completing their chip & PIN migration.
In the US, meantime, Visa USA reports its eCommerce volume on credit and debit cards to have risen by 59 per cent in the year to May 2004, while dollar volume rose by 53.2 per cent, to USD 60.4 billion. About 17,000 US-based e-tailers have enrolled for the Verified by Visa program, with transactions growing by 44.5 per cent in 2003 at an average ticket of USD 84. Secure online card payments are also growing in the Asia-Pacific market, where eCommerce is growing strongly, and in Korea, Verified by Visa has been mandated as the only way for e-tailers to accept secure e-payments, according to Cards International.
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