The Future of Payments is Online PIN

The payments landscape is ever changing, as are customer demands and expectations. We were therefore proud to take part in this week’s Raconteur investigative report, The Future of Payments. This report demonstrated just how fast the sector is developing, and unfortunately, how fragmented it is. It is daunting for customers and merchants alike.

When a customer wants to buy online from a retailer or business, they have to authenticate themselves before they can make that purchase, sometimes several times.

Secure payment is something that is easy to do in store; customers either hand over cash or use contactless cards, neither of which need any authentication, or they can pay by card and use their PIN to authenticate. It is simple, seamless and trusted.

Online it is a different proposition. Forms need to be filled out, usernames, email addresses and passwords need to be remembered and verified. And with consumers moving en masse to mobile devices, these forms of authentication need to be done on platforms that are simply not optimised for these processes, nor are they as trusted.

Throughout this time consuming process, the merchant is hoping that their customer has both the patience to get those forms filled in and the desire to continue the purchase despite them. Industry abandonment rates show that this is often not the case.

MYPINPAD believes that the solution to abandonment is relatively simple, and that online authentication should be as easy and secure as it is in-store. We have the technology to help the industry achieve this today.

Adopting MYPINPAD’s solution gives issuers and merchants the power to let customers to implement multi-factor authentication for transactions using only their cardholder PIN. It is a simple and elegant solution to a complex and ungainly problem.