The financial sector is undergoing a lot of changes in quick succession. The focus on security has never been greater, which can only be considered to be a good thing. Adyen, the popular payments platform, is launching the next standard of 3D Secure for card payments. It is a welcome change, as it will offer many benefits to both customers and merchants alike.
In the commerce industry, payment and bank cards are still incredibly popular. That is only normal, as it is a convenient way to pay which works around the globe with little to no issues. Unfortunately, this payment type is not as secure as it could or should be. Addressing any concerns will remain a top priority, and Adyen is doing exactly that.
A Positive Development Courtesy of Adyen
Their new 3D Secure 2.0 solution offers many benefits. Merchants can reduce risk and offer better protection to their customers in terms of payment fraud. Moreover, it also enhances the overall payment experience, especially where mobile devices are concerned. Continuing to innovate is direly needed in the financial sector.
Adyen Head of Product Brian Dammeir adds:
“Adyen continues to simplify payments for merchants. Our first-to-market 3DS 2.0 solution helps merchants reduce fraud risk, navigate complex regulatory frameworks such as PSD2, and improve the customer experience. It builds on the benefits of the original iteration of 3DS and overcomes the pitfalls, offering maximum fraud protection with minimal friction, as well as working seamlessly on mobile devices.”
Under the hood, 3DS 2.0 introduces support for biometric authentication solutions. For consumers, that is a positive sign, as fingerprint and voice recognition are gaining popularity. It is vastly superior to using passwords or even regular 2FA solutions, as those can still be intercepted. Moreover, the new standard automatically determines compliance requirements for individual transactions which is of great help to merchants all over the world.