Report

SRC and the W3C Payment Initiative: Revolution in Online Retail?

Friction with current card-on-file models results in shocking shopping cart abandonment rates for both online and mobile sales.
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Boston, June 4, 2019 – Online and mobile commerce continues to grab an increasing share of the global commerce equation. With that growth, there is an increase in card-not-present fraud as counterfeit card fraud is worked out of the ecosystem, driven by migration to EMV at the point of sale. The payment networks are addressing this with the development of the Secure Remote Commerce payment specification through EMVCo, and the World Wide Web Consortium is developing an online payment platform in parallel.

This report describes these two initiatives and their potential to change the game in online and mobile commerce. It is based on interviews and conversations with individuals from more than 20 organizations and with thought leaders in North America and Europe who are either involved with or affected by the development of the SRC initiative or the W3C.

This 21-page Impact Note contains six figures and five tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Alibaba, Amazon, American Express, Apple, Capital One, Discover, EMVCo, the Federal Reserve Bank, FIDO Alliance, Google, IBM, Kohl’s, Magneto, Mastercard, the Merchant Advisory Group, Microsoft, Nordstrom, PayGate, PayPal, Samsung, Shopify, Visa, W3C, and the Web Payments Working Group.

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