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EMVCo officially released the first version of specifications for Secure Remote Commerce (SRC), its e-commerce standard, for free public download in the US.
For context, SRC streamlines e-commerce checkout and standardizes the e-commerce experience for customers and sellers across platforms, devices, and payment methods. This is especially appealing to card network and merchants looking improve online sales in the burgeoning US e-commerce space, which is poised to exceed $1 trillion by 2024.
Here’s what it means: SRC has the potential to drastically improve the e-commerce checkout experience, which is leading to enthusiasm among stakeholders.
Digital checkout can be stressful for consumers, as they’re confronted with a plethora of payment options. And that fragmentation is compounded by the need to reenter payment and shipping information, which disproportionately impacts customers buying on mobile devices with smaller screens and slower connections.
SRC aims to solve this by standardizing processes similar to how consumers have the same experience paying with cards across different stores — ultimately improving …read more
Source:: Businessinsider – Finance