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Due to the convenience and the high penetration rate of the internet, consumers shopping behaviour and eCommerce have changed. The e-Payment industry is evolving rapidly since the emergence of the digital revolution. Within a decade, it has witnessed some remarkable innovations due to the increased involvement of technology and the disruption caused by the same in the market.
The FinTech Expert
Below are the highlights of the interview conducted between Edward Ng and The Technology Era:
As the leading payment solution provider in Asia, AsiaPay seeks to provide a seamless payment experience for the customers. “We prioritize security as well as providing high-class quality of services in a safe and secured environment to our merchants. 3-D Secure 2.0 offers additional fraud protection by analysing the merchants’ contextual data and then prompting consumers to verify their identity only on high-risk transactions. Which means, faster checkout times, added security, improved sales and a better customer experience. Therefore, we integrated our payment platform with the 3-D SECURE 2.0 (3DS2.0), the latest and advanced security function that enables merchants offering their customers a better secure ePayment process.” Integrated with 3DS2.0, customers information will be encrypted during e-Transactions and protected from any cyber-threats. Besides that, merchants will be able to generate more successful transactions and genuine e-Transactions, thus increasing their business revenue.
3-D Secure (3DS) was launched in 1999 to fight fraud and better protect cardholders’ information. During the transaction, cardholders will be asked to enter a security PIN or password to complete online transactions. Visa was the first to use the system, known as Verified by Visa, followed by MasterCard SecureCode and American Express SafeKey. Changes have been made to 3DS over time, but it hasn’t kept up with technology and shopping trends. For example, 3DS 1.0 only supports browser-based authentication and hence, doesn’t support mobile payments made via smartphones or watches.
Due to the eCommerce keep on growing, a new version of 3-D Secure has been designed by card scheme and EMVCo which is 3-D Secure 2.0. 3-D Secure 2.0 (3DS 2.0) is being rolled out, with Visa expecting its rules for 3DS 2.0 to go into effect globally by April 2019. This new version added the support of authentication through mobile devices and extended to support other types of authentication such as token and biometric authentication. The new 3DS 2.0 program is expected to go into effect at the end of 2019. 3DS 2.0 is meant to make authentication faster and more accurate, but less of a burden on the customer, and keep up with growing mobile payments.
Edward added, “3DS 2.0 is greatly enhancing the customer experience by introducing the risk assessment process, to determine the risk attached to a particular transaction,with the customer only required to go through the authentication challenge if the risk level is high. In order to bring this new 3DS2.0 solution to our clients, AsiaPay developed the new 3-D Secure 2.0 products (XecurePay ACS, 3DSS, SDK) and became certified with EMVCo. By using these new products, our merchants, as well as issuing and acquiring banks clients, can enjoy the new benefits and provide the latest security standard to their customers.”
On the other hand, with the support of biometric and other security features, 3D Secure 2.0 is being recommended by the major credit card companies and quickly recognized by the European Commission (EC) as the standards to fulfil the Strong Customer Authentication (SCA) requirement outlined in PSD2 by the European regulatory. According to the global payment networks, the 3-D Secure 1.0 and 2.0 will co-exist for a period of time and the liability shift start date of 3-D Secure 2.0 vary from different card schemes as well as different markets range from 2019 to 2020.