UK FinTech company iAxept has launched its Strong Customer Authentication (SCA) compliant payment method, using contactless payments cards for Internet shopping.
iAxept Online Contactless is as quick, easy and secure as using a contactless card at a point of sale. The solution elevates the payment experience with a plethora of benefits for everyone in the card payment value chain.
It allows shoppers to eradicate the need for typing any card information, usernames, passwords or register any data. Simplifying the process to one tap of customers’ contactless card on the back of their own smartphone is needed to make the payment.
Doug Gray, Chief Commercial Officer at iAxept stated: “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.”
It comes as acquirers adapt to the EU’s Payment Service Directive 2 (PSD2) requirement for the SCA, which demands two-factor authentication. iAxept Online Contactless is the perfect solution for SCA using the combination of a contactless card and its PIN code for authentication.
Merchants and payment service providers will no longer be liable for Card-Not-Present fraud related financial losses and chargeback costs as the transaction is classed as Card-Present. The simplicity and familiarity with iAxept Online Contactless increases the conversion rate, generating more transactions and revenue.
Expert Analysis: The launch of iAxept Online Contactless comes at a key time for the payments sector, as it seeks to continue innovating and focusing on increasing the seamlessness of transactions, whilst remaining within the evolving regulations.
