Visa's Next-Gen Tech to Enable Smoother, Fraud-free Ecomm
The global payments provider is working on "payment passkeys" as the next-generation authentication solution to reduce friction in e-commerce payments. Built on the FIDO (Fast Identity Online) standard, these passkeys will do away with the need for traditional passwords and one-time passcodes.
Visa will be using biometric data for this feature by allowing customers to confirm transactions with a fingerprint or facial recognition.
«Payment passkeys represent the future of seamless authentication. This will cut checkout times from over two minutes to just 20 seconds,» said TR Ramachandran, head of products and solutions at Visa Asia-Pacific. «This will not only improve the user experience but also enhance security by minimising the reliance on SMS OTPs, which have a 20% failure rate globally.»
Besides, Visa is working on introducing flexible credentials, a move toward a unified system that can simplify cross-border transactions. Unlike the traditional 16-digit credit card number, flexible credentials will allow for adaptive identification across multiple payment methods, including digital wallets and QR-based systems and will help streamline payments across borders, leading to smoother cross-platform transactions as international commerce continues to grow.
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