Mastercard is calling on its merchants, acquirers, issuers, and other technology players to join the company in supporting a new framework from EMVCo that was revealed last year called Secure Remote Commerce (SRC).
This is similar to how a single, standardized acceptance terminal in stores for making payments has become the standard, and as mobile commerce continues to grow, Mastercard believes that SRC can be implemented to be a single, standardized checkout button across all browsers and devices. This single checkout button would create a consistent checkout experience for all consumers, as well as create an easier processor for merchants.
“The Secure Remote Commerce standard in general has one check-out button that’s platform agnostic that all complying networks can leverage,” Jess Turner, EVP of digital payments and labs of North America at Mastercard, explained to ITBusiness.ca. “So when a consumer goes to checkout across any browser or any device around the world, the button in the experience is the same, giving them the same consistent, ubiquitous, secure transaction they’re used to in the physical world.”
On top of a better consumer experience, Mastercard also sees a significant security benefit through tokenization. In a blog post, the company outlined how nearly 75 per cent of all cards globally are ready to be tokenized and SRC can support the idea of a token-only world by building on these tokenization standards.
“Tokens allow consumers to have the security they have in the physical world during a digital transaction. When they put their card on file with merchants, it allows for a token to be there instead. That makes the card on file far more secure because the token cannot be used again for anything else, so if a fraudster gets access to a token, the data is rendered useless,” said Turner.
That means that Mastercard is able to support tokenization with merchants on its Masterpass digital wallet.
As for having a single, standard checkout button, Mastercard hopes that by taking the first step to call for this standardization, we’re now closer to that reality.