Visa has decided to focus on strengthening payments security as consumer behavior evolves during the pandemic.
Addressing more than 1,500 partners and clients in its first virtual edition of the Asia Pacific Visa Security Summit last week, Visa stressed the need for robust payment experiences in a changing commerce environment.
Joe Cunningham, Regional Risk Officer, Asia Pacific, Visa, said, “The pandemic has greatly accelerated changes in consumer behavior, commerce and hence digital payments. We believe these patterns are here to stay and many first-time digital consumers will decide where to shop based on whether they trust the seller or not. As digital commerce becomes mainstream, payment security is a fundamental driver of trust so the industry must deliver on consumers’ expectations of safe, convenient and fast payment experiences.”
Emphasizing the widespread need to adopt payment security solutions based on industry standards, Joe Cunningham added, “Fraudsters evolve their methods faster than consumers and most businesses can prepare for. To stay ahead of the curve, the payments ecosystem must buttress existing infrastructure with enhanced and trusted fraud management solutions. In an increasingly digital world, payments security is crucial for consumer trust and must be the foundation of business and commerce, now and in the future”
Visa has charted consumer behavior changes along with three trends pervasive in the Asia Pacific – contactless payments are becoming a health and safety priority, on-demand eCommerce experiences have heightened expectations of quality and speed of service, and lines between eCommerce and physical buying have been blurred.
In dealing with the risk of fraud, Visa has introduced solutions without tipping the balance between payment security and customer convenience.
Visa Secure, which uses the latest standards of the EMV 3-D Secure protocol, adds a layer of fraud defense so financial institutions and sellers can be confident that transactions are genuine. This potentially reduces lost sales for sellers because of declined payments and improves the overall consumer shopping experience.