There’s Something in Your Cart, Now What?

Digital commerce is growing twice as fast as shopping in store. That means more opportunity for more merchants and greater convenience for more people every day. For most of us, dipping or tapping a card or device to pay in-store is simple, secure and familiar. Those same expectations – convenience and consistency of the experience without sacrificing security or privacy – continue to ring true across digital platforms.

However, it’s been shown that when there’s inconsistency or an unexpected inconvenience in these digital channels, it can lead to people losing trust, delaying their purchase or abandoning their shopping carts altogether.

We believe that digital shopping can be secure, fast and convenient, giving consumers control over where and how they want to checkout. We deliver this vision through our Digital Commerce Solutions. It’s a suite of products, solutions and brand standards that brings a consistent way to pay anywhere and everywhere shoppers use a digital device.

That is why we support EMVCo’s release of the draft EMV® Secure Remote Commerce Specification, which is now available for public review and comment. This draft specification has already benefited from feedback from merchants, payment service providers, issuers and others. The public release will allow for even broader feedback from the industry before EMVCo gets to a final specification.

The investments that we have made in technology and security, including EMV SRC, will help deliver what merchants and their customers are looking for. We believe a seamless shopping experience must also bring in tokenization and advanced authentication as a means of protecting account numbers and reducing fraudulent transactions.

It’s by bringing things together – and not looking at them as individual technologies – that we’ll enable the future of shopping, like voice and chat initiated commerce, IOT and wearable commerce. All this must and will happen in a way that’s easy for merchants to implement and seamless in the consumer experience. This ultimately provides the benefits all parties seek – more satisfied consumers, more sales and with less risk.

Mastercard is working with our customers and partners to design and begin to roll out variety of elements including:

• A standard, intuitive and consistent payment button that delivers a better customer experience
• Supporting all of the ways people may want to shop, including web, apps, voice, chat and other connected experiences
• Enhancing peace of mind for both consumers and merchants by removing payment credentials from the process through the use of tokens
• Bringing the same token support to wherever consumers store their card or account information with a merchant
• Providing merchants and issuing banks with a simple and secure way to verify a consumer’s identity with a single touch or click – and not a password – when they shop online
• Confidence for the consumer in knowing which account is being used and which benefits will be received through Mastercard’s digital brand standards

In support of this rollout, Mastercard’s Masterpass acceptance will start migrating to EMV SRC during 2019 and will work with multiple participating brands, including Visa and American Express cards.

The future that we all envision is right in front of us. We call on the industry to provide input and feedback and join us in delivering our shared customers the consistent and secure digital payment experience they want and expect.

*EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.