The amount of transactions flowing in digital commerce is soaring. The way we look at e-commerce has changed, and consumers have moved online for mostly everything. A good sign for online businesses. Card-not-present transactions have grown 10 times more than card-present transactions in the last year.
The payments industry is responding to this surge in digital payments with Secure Remote Commerce (SRC), the latest wallet to support consumer convenience and security. Enabling this payment type can help your customers increase purchases and decrease friction at the checkout.
What Is Secure Remote Commerce?
SRC provides a unified e-commerce checkout experience with the card brand wallets Visa Checkout, Masterpass, and AMEX Express Checkout coming together under one common logo and checkout flow.
For online payments, convenience and security are equally as crucial. SRC combines both of these features and provides a frictionless checkout experience. The idea behind SRC is that consumer card data need only be entered once, and after that, payments can be made with just one click.
How Does It Work?
SRC is a digital wallet. Consumers can load their credit, debit, and prepaid cards onto the digital wallet, which can be retrieved at any checkout supporting SRC. SRC uses tokenization techniques to encrypt consumer information and keep it secure during and after payment is made.
When consumers enter their information, a single payment profile is created. That payment profile is unique to that consumer and can be used at any business that accepts SRC. This creates a more consistent digital experience while also making credentials less vulnerable to fraud, which helps businesses stay protected from fraud like chargebacks.
Are Digital Wallets That Important?
If your software allows your customers to accept payments, chances are they will start looking to accept this payment type. Payments have been trending towards digital wallets as an everyday payment type, and SRC could be the next big bet in digital payments. For businesses, this means decreased cart abandonment and faster checkout.
Finding a payment partner that can support card-not-present transactions such as SRC can delight your customers by enabling them to accept this payment type. Plus, it can make you stand out in your industry. If you are wondering how to implement this payment type, check out the dev docs to see how to integrate Secure Remote Commerce.