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Visa upgrades Verified by Visa service

Visa has announced an upgrade to its Verified by Visa service, a solution aimed at heightening security in purchases. The enhancement will gather and send data to FIs to reduce fraud on transactions made via a mobile or browser. Visa is also moving to support 3-D Secure 2.0, a security platform pioneered by Visa and underpinning the Verified by Visa Service.

3-D Secure 2.0 allows to customise the authentication process and ensure the process is easy, in real-time and accurate. Reports show an 85% reduction in checkout time as a result, alongside reducing step-up verification, such as PIN codes.

Visa’s 2016 Digital Payments Study discovered a threefold increase in mobile payments since the previous year. It also comes with looks into the future, to other tech such as Internet of Things, which Visa predicts to spread quickly in the next few years.

“Authentication technology has come a long way since the days of magnetic stripes and signatures. As the way we make payments has changed, so, too, has the need for innovation to keep transactions secure,” comments Mike Lemberger, Senior Vice President, Product Solutions Europe, Visa. “The vast majority of Europeans have used a mobile device to make payments, but fraud and security concerns remain the number one deterrent.”

“By helping to lead the development of 3DS 2.0, we are able to offer an enhanced authentication service that makes these payments both faster and more secure. For European retailers, this helps address the ongoing challenge of reducing cart abandonment in an e-commerce market.  This update also provides all the necessary tools to ensure PSD2 compliance for card payments – a major benefit which should not be underestimated.”

Current Visa rules for merchant-attempted transactions using 3-D Secure will extend to the updated version beginning April 2019. Visa expects early adoption to begin in the latter half of 2017.

Visa around the world

Since the beginning of 2017, Visa has been expanding its mobile payments Token Service throughout Europe, expecting to reach a total of 12 by the end of the year. The Everywhere Initiative was also brought into Europe, where entrants have access to Visa tools to develop their start-up ideas.

The company has also worked with Amazon Business, allowing users to have access to much more data from these types of transactions.

For shoppers, Visa Checkout launched last month in the UK, starting with More recently, Visa partnered with Neon bank in Brazil to allow users to authenticate payments through a selfie.

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