By requesting that users verify their identity with the card issuer during the payment process, 3D Secure (3DS) is a verification technique that increases the security of online credit card transactions. The likelihood of fraudulent activity is significantly reduced by the additional authentication layer. 3D Secure has several benefits for retailers. It provides, above all, a change in liability. In the event of a chargeback, the merchant is typically at fault. Nonetheless, the issuing bank will assume this liability if the 3D Secure protocol is correctly followed. For merchants to completely understand the implementation guidelines and rules, they must carefully review all of the materials that their issuer has provided.
Furthermore, 3DS offers chargeback protection. Merchants are protected from chargebacks by transactions verified by Verified by Visa, which guards against chargeback or friendly fraud. It is important to note that MasterCard does not offer a similar guarantee, therefore retailers must understand the differences across card networks.
Keeping A Tab On Key Players In The 3D Secure Pay Authentication Market?
- Visa Inc. (USA)
- Mastercard Incorporated (USA)
- The American Express Company (USA)
- ENTERSEKT (South Africa)
- Broadcom Inc. (USA)
- Medium (Estonia)
- SIA SpA (Italy)
- Fiserv Inc. (USA)
- Cardknox Development Inc. (the USA)
- Marqeta Inc. (the USA)
- Gemalto (Netherlands)
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Limitations
A number of governments and nationalized banks have developed high- and low-value payment systems over the past few decades, depending on security specifications and exclusive communication. The need for automation and standardization inside national intra-bank and interbank networks is growing as payment systems become more self-sufficient. This is expected to restrict the usage of 3D secure services, which often require the collection and updating of personal information. Banks with subsidiaries and branches, as well as international enterprises, can move money to the nations where it is needed through intrabank transactions. Instantaneous crediting of beneficiaries' overseas operation accounts occurs, or funds are transferred to their banks through bilateral transfers or national clearing and settlement procedures.
The Global 3D Secure Pay Authentication Market segments and Market Data Break Down are illuminated below:
By Type
- Access Control Server
- Merchant Plug-in
By Application
- Merchant & Payment Processors
- Banks
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Competition in the Global 3D Secure Authentication Market
A report's competitive landscape, which focuses on important companies and their tactical decisions, establishes the general market situation. Readers can gain insight into the market performance of significant competitors as well as the opportunities for new entrants.
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Developments In 3D Secure Pay Authentication Market:
- In April 2023, Visa announced it is partnering with PayPal and Venmo to pilot Visa+, an innovative service that aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps. Later this year, Venmo and PayPal users in the US will be able to start moving money seamlessly between the two platforms.
- In February 2023, PayU, India's leading online payments solution provider, announced the launch of 3D Secure 2.0 SDK, offering a full native checkout and superior customer experience for all card transactions. PayU merchants can provide optimized customer experience while complying with major card network upgrades - including Visa and Mastercard while gaining better security and fraud protection. PayU's lightweight 3DS 2.0 SDK provides lowered latency and a 40% reduction in checkout time.
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Challenges:
Transferring information has proven to be the most challenging part of 3DS2. The necessary changes were not well communicated to the retailers and customers in particular. Banks and retailers have until the end of 2020 to abide by 3DS2 or risk penalties. It's important to remember that the banks were unprepared for the implementation of 3DS2 in addition to information sharing. Visa and Mastercard required 3DS version 2 flow, which many large banks did not provide at first, which resulted in transaction failures. The smaller banks were unable to keep up with the larger banks' ultimate delivery of a 3DS2 implementation that worked satisfactorily through their app or website. This situation extended to entire nations, since certain ones required 3DS2 while others did not.
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