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iAxept launches SCA compliant contactless card payments

iAxept, UK based FinTech company has announced a Strong Customer Authentication (SCA) compliant payment method using contactless payments cards for Internet shopping.

With the new solution, users will no longer require to type card information, usernames, passwords or register while shopping. If the purchase is above the contactless limit, the cardholder will have to enter their usual PIN code on their smartphone.

“We have received massive interest from merchants, acquirers and PSPs from all over the world. iAxept Online Contactless solution is a perfect solution for the SCA requirement and the EU payment industry needs to act now in order to fulfil the SCA deadline by end of the year without completely disenfranchising their merchant clients with an inferior customer experience and lost sales,” said Doug Gray, Chief Commercial Officer at iAxept.

The company is expecting the contactless facility to increase the conversion rate, generating more transactions and revenue. The solution aids merchants and their payment service providers as they will not be liable for Card-Not-Present fraud-related financial losses and chargeback costs as the transaction is classed as Card-Present.

Founded in 2013, iAxept addresses the e-commerce payment market by providing contactless payments solutions to eliminate the CNP fraud and related costs such as chargeback fees. iAxept Contactless is PSD2 and PCI compliant with two-factor authentication enabling high-value payments above the Contactless card limit.

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