American Express, Discover, Mastercard, and Visa have announced the arrival of faster, more secure online checkout based on the new EMV Secure Remote Commerce (SRC) industry standard, establishing a simplified way for card payments to be made across web and mobile sites, mobile apps, and connected devices.
The networks have tested SRC technology in market with issuers and merchants. Consumers can now click to pay at select merchants in the U.S. this month, leading up to wide availability in early 2020.
Payment processors and payment platforms such as Adyen, Authorize.Net and CyberSource - Visa solutions, FIS, Global Payments, Mastercard Payment Gateway Services, and Stripe are now offering click to pay to merchants. The initial focus will be on converting existing Masterpass and Visa Checkout merchants to click to pay.
Cinemark, Movember, and Rakuten are the first merchants to adopt click to pay on their websites, with BassPro, JoAnn Fabric and Crafts, Papa John's, Saks Fifth Avenue, SHOP.com, Staples, and Tickets.com following by the end of 2019. People shopping on these sites will see a common click to pay button with network logos.
Currently, ecommerce sites feature a myriad of checkout buttons, which can be difficult for merchants to manage, and confusing for consumers. As the prevalence of ecommerce has grown, click to pay now helps to address an increasing need for a consistent, simple user experience and stronger protection of payment information across all types of digital channels and cards, says the companies.
The standards-based approach allows customers to make purchases without having to create or log into an account. The idea is to mirror the one, consistent checkout experience that exists in physical stores - with one terminal and one way to pay, irrespective of the retailer. The vision for the future of digital commerce is that the new button will replace the current guest checkout process.
For merchants, that means a more efficient checkout solution that will help reduce shopping cart abandonment rates and a way to offer multiple card brands for digital checkout in one seamless integration. For consumers, this means greater consistency and fewer steps at checkout, regardless of their payment choice, and the elimination of laborious key-entry of personal account numbers and information.
"We are always looking for ways to enhance the cinema experience, and providing a simpler, streamlined checkout for ticket-buying is a major part of that," says Doug Fay, Chief Technology Officer, Cinemark. "We think the added convenience and security will help build loyalty, grow our business, and make for quicker checkouts, giving moviegoers the most enjoyable experience possible."
"Delivering solutions to merchants that enable greater levels of security and convenience for consumers is essential for enabling commerce," adds Eddie Alberty, Vice President of Strategic Partnerships, SHOP.com. "With Secure Remote Commerce, we aim to offer standards to merchants that reduce friction of guest checkout."
The EMV SRC payment icon, consisting of a pentagon design oriented on its side with a stylized depiction of a fast forward symbol on the right, formed by a continuous line, is a trademark owned by and used with permission of EMVCo, LLC.