Visa has enhanced its Verified by Visa service that will gather and send data to financial institutions and merchants to better authenticate consumers.
The upgrade is also aimed at minimising fraud on transactions made through a mobile or desktop browser or connected device.
The enhancement will also allow Visa to support 3-D Secure 2.0, a security platform that enables issuers and merchants to customize the authentication process while ensuring seamless consumer experience.
The company said that the current rules for merchant-attempted transactions will extend till April 2019, and it expects early adoption of 3-D Secure 2.0 in the latter half of 2017.
Visa senior vice president of product solutions Europe Mike Lemberger said: “As the way we make payments has changed, so, too, has the need for innovation to keep transactions secure. The vast majority of Europeans have used a mobile device to make payments, but fraud and security concerns remain the number one deterrent.
“By helping to lead the development of 3DS 2.0, we are able to offer an enhanced authentication service that makes these payments both faster and more secure.”
For European retailers, this helps address the ongoing challenge of reducing cart abandonment in an e-commerce market. This update also provides all the necessary tools to ensure PSD2 compliance for card payments – a major benefit which should not be underestimated,” Lemberger added.