Bridging the gap between convenience and security for digital payments is a long-standing topic of discussion within the payments industry, says myPINpad.
The consumer authentication specialist adds that its investigation into the gaps in the payment industry identified several issues:
- Security concerns cause 35% of all abandoned carts in online commerce. Putting that in monetary terms, the cost to retailers is estimated to be US$1.4 trillion in 2015.
- Consumers want something that they can trust. If payment methods don’t appear trustworthy, they won’t be widely adopted.
- Retailers want something that is both future-proofed and easy to slot into existing payment systems.
- Banks want security and compliance and something that can work with their systems.
“Our research indicates that both banks and retailers are ready for change and are cognisant of consumers’ demand for more intuitive and secure alternatives to current digital payment authentication solutions,” said Philip King, myPINpad’s executive chairman.
“However, they are unable and unwilling to start from scratch to address the issue. New alternatives must fit or integrate seamlessly into existing protocols and infrastructure without compromising security.
“Familiarity is a major influencer of trust, this is why our platform supports an authentication method that consumers trust and something that retailers and banks know is secure – the personal identification number [PIN].”
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