Visa, the payments company, announced Tuesday (Oct. 23) that it continues to support the draft of the EMV Secure Remote Commerce (SRC) specifications.
In a press release, Visa said the draft EMV SRC specification provides a foundation for digital transactions that gives consumers, merchants and issuers a single digital point of sale, resulting in a consistent, convenient and secure way to pay. Visa noted that EMVCo has spent the last year getting feedback from across the payment ecosystem on the specifications, and that it now encourages merchants, issuers, acquirer gateways and other interested participants to provide feedback and comment during a 45-day public comment window.
“Today, digital commerce is an inconsistent and often friction-filled experience for consumers, and that also results in poor conversion for merchants,” said TS Anil, global head of payment products and platforms for Visa, in the press release. “The specification from EMVCo will become a foundation for the evolution of digital payments that will ensure ease of payment for digital and IoT payments well into the future.”
According to Visa, while shoppers are migrating to websites, mobile phones and voice-activated devices, their buying experiences have been full of friction because they have to manually enter payment details. With SRC, consumer buying experiences online will be easier, faster and more secure. By developing a standards-based experience, Visa said it helps ensure that the key principles of choice, privacy and security are upheld throughout the payments ecosystem. What’s more, it said standardization also helps streamline digital payments, making them more consistent and reducing the friction that can lead to shopping cart abandonment.
“The case for standards in digital commerce has never been stronger. Just as the physical point of sale benefited from global, interoperable standards, we expect SRC to bring similar levels of success to eCommerce, mCommerce and IoT channels,” Anil noted in the press release. “Visa has also joined the W3C Web Payments Working Group with the objective of ensuring card-based payments are secure and simple in the browser-based environments, and that interoperability exists between the SRC and W3C Payment Request Specifications.”
The finalized version 1.0 is expected to define interfaces for the secure exchange of payment data and accommodate the use of dynamic data, such as cryptograms. In addition, the specification is also expected to enable compatibility with technologies such as EMV 3-D Secure and EMV Payment Tokenisation, while facilitating recognition of a common user experience by consumers via an SRC Mark.
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