E-commerce, otherwise known as remote commerce became popular in the 1990s and has become the preferred choice for the consumers. Remote commerce is enabled when customers enter their payment cards Primary Account Number (PAN) into a merchant’s website or shopping application. There were a variety of remote commerce implementations and
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Scenario 1: Abi travels from India to Waterloo carrying his only credit card and does the hotel payment. If the transaction is declined for no reason of his credit limit, what happens? Scenario 2: An expired terminal (yeah terminals do have a life that ends) is still in the market
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EMV standards have helped reduce fraudulent transactions considerably, but this has forced fraudsters to move to the online world. In the year 2016, fraud in the online space has increased 30% [Source: Radial’s eCommerce Fraud Technology Lab]. Also, in the first quarter of 2017, it is reported that credit card
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When a cardholder detects a fraudulent transaction in their statement, he or she files a complaint with the issuing bank. Issuing bank then investigates the transaction and if it is found fraudulent,  the bank will refund the original value to the cardholder. If the merchant fails to prove that the
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All the developed economies started moving towards a cashless economy at the beginning of the 21st century. With India becoming an economic powerhouse in the world, has set the vision a step ahead towards becoming a card-less economy by 2020, as confirmed by NITI AAYOG, a government of India initiative.
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Expanding global middle class, rapid urbanization, rising literacy rates and the associated spending power is what is going to drive the digital transformation in the emerging markets. The tech-savvy young population will lead this shift in digital transformation and everyone in the payment ecosystem like merchants, payment schemes, regulators, payment
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Fall back transaction is the word that came into picture along with EMV – the work around to make successful transaction in case the chip or terminal chip reader does not work. However, this is looked upon as a huge security threat in the era of trillion transactions. Fallback should
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In most of the countries around the world, there is no major business analysis done to check the need and feasibility of migrating ATMs to EMV. At best, it is more of an execution planning, given the central bank mandates, liability shifts and increasing frauds. As the banking costs are
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