EMV Secure Remote Commerce (SRC) is here for easier and safer eCommerce payments, just recently announced. Authorize.net and other platforms are currently now offering the click-to-pay technology, announced by Visa, AMEX, MC, and Discover.
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Secure Remote Commerce (SRC) is an easy and secure way to pay online and is powered by the global payments industry to protect users’ payment information. Users can add cards from participating networks and enable click to pay simply and securely.
For networks that compete vigorously, the creation of a common checkout mechanism is a novel step that occurred summer 2019. But this effort goes beyond the networks. Payment innovation of this caliber requires ecosystem-wide participation. Issuers have to be on board and merchants convinced. Technology providers must have the service in place. Consumers must be educated.
To minimize card-not-present (CNP) fraud risks, SRC introduces dynamic data to the remote commerce domain, a technique first employed through the EMV chip specification. Dynamic data is transaction-specific, a unique data element generated and encrypted at the point of payment and decrypted by the issuer.
Consistent card and user data, drawn from card network databases, should improve authorizations and lower shopping cart abandonment rates. This leads to those easier and safer eCommerce payments every consumer is looking for.
Getting started is easy. Just choose the SRC checkout method rather than a card on file that may be held by the merchant. The payments provider managing the SRC data flow then reaches out to each card network’s SRC system to request the card account reference number, the last four digits of the primary account number, and for display as needed, the billing and shipping information for each card managed by each card network.
It’s going to be up to the consumer to decide how well SRC improves the checkout experience.
Wide adoption is a concern like with any other new technology, but this is likely here to stay. Will consumers find SRC to be a real improvement?