Digital payments – Bridging the gap between convenience and security – London 6th May 2015
Bridging the gap between convenience and security for digital payments has long been a subject of discussion within the payments industry. Findings from an investigation undertaken by MYPINPAD into the gaps in the payment industry have identified a number of 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 $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.
Philip King, MYPINPAD’s Executive Chairman explains what the findings mean:
“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. 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.
“MYPINPAD, founded on over 100 years of payments industry experience, has solved the issues that once prevented proven, secure and intuitive face to face authentication solutions from being adapted to the demands of digital commerce.
“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 PIN.
Our platform enables digital commerce to make and accept payments using existing customer and unique to channel PINs. It combines ‘the convenient’ with ‘the secure’ and gives digital commerce an authentication experience that many stakeholders are demanding.”
“Also supporting the most talked about and disruptive emerging authentication technologies in market, the MYPINPAD platform allows banks and retailers to determine the speed change is introduced to their customers and infrastructure. This allows them to compete with over the top players that introduce non-compatible disruptive solutions. The next generation of secure payment authentication is available now.”
A copy of the white paper can be downloaded here.
MYPINPAD is the world’s first consumer authentication company set to solve multi-channel security via consumer’s existing PINs. The MYPINPAD solution is a transformational self-hosted or software as a service (SaaS) solution, which delivers secure Cardholder PIN authentication on unsecured electronic devices such as mobile phones, tablets and personal computers.
The MYPINPAD solution optimises security in the payment process and makes it cost effective by reducing risk and fraud. Acting as a ‘bridge’ between existing technologies and new, the MYPINPAD solution minimises client upgrade and integration costs.
As the MYPINPAD solution utilises a familiar authentication system for end users, it increases return of investment for acquirers, issuers, card schemes, merchants and processors.
Michael Scanlan – PR Consultant
Email: Michael@skyparlour.com, Tel: +44 (0)7958 698 698
James Dunbar – Account Manager
Email: JamesD@skyparlour.com, Tel: +44 (0) 844 2939 764