Technical body EMVCo has confirmed that consumer-facing solutions and programmes based on the EMV® Secure Remote Commerce (SRC) Specifications are to be known as Click to Pay. This universal description enables ease of recognition for consumers, and signals that a consumer can confidently transact through an easy e-checkout, regardless of the payment card, digital channel or device they use.
The EMV SRC Specifications were launched in June 2019 following extensive industry consultation. They provide a foundation which enables a common consumer e-checkout that promotes simplicity, familiarity, interoperability, convenience and trust.
The corresponding icon (the image from above) , described as the Click to Pay icon, signals availability at participating merchants. Alternatively, Click to Pay will be used in text as descriptive language if an e-merchant is unable to visually display the icon.
“Adopting the term Click to Pay to describe the programmes and solutions, and refer to the icon based on the EMV Secure Remote Commerce (SRC) Specifications, encourages easy recognition,” explains Bruce Rutherford, Chair of the EMVCo Executive Committee. “This supports our aim to provide consumers with the same level of familiarity and confidence across remote transactions as they enjoy today in the physical world using EMV Chip, contactless and QR codes.”
Since the specifications were launched in 2019, they have been delivering benefits across the payment community. For example, the reduced need for entering card and shipping information may lower shopping cart abandonment for merchants. Participants can also benefit from a simplified integration, thanks to a consistent framework and interfaces across the digital commerce environment.
Rutherford concludes: “EMVCo’s role is to facilitate worldwide interoperability and acceptance of secure payment transactions. It accomplishes this by managing and evolving the EMV Specifications, including SRC, with input from the wider payment community. SRC aims to bring fraud reduction to the ecommerce environment in the way that EMV Chip does at the physical point of sale.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
