If you are a business owner in the United Kingdom are not yet taking advantage of the Visa delegated authentication program, it is something that you should give a thought. Not long ago, LoginID announced investment fromVisa to accelerate FIDO-certified Strong Customer Authentication (SCA).
LoginID provides simple APIs as well as SDKs for enterprises to integrate FIDO-certified biometric authentication in a matter of 15 minutes, helping reduce e-commerce fraud. A lot of customers are readily accepting the use of biometrics to make payments and other transactions in a secure and convenient manner. According to an April 2021 pymnts.com report, 18 billion payment transactions will be verified using biometrics in the year 2021.
Visa recognizes that Strong Customer Authentication solutions from companies such as LoginID can help promote its vision to improve integrity around payments - both reducing fraud and helping merchants meet global regulatory and compliance demands.
With the Visa delegated authentication program, the process of purchasing in businesses will besimplified, leading to successful conversion rates. Delegated authenticationmeans that the merchant can directly authenticate the customer, skipping the redirection to the issuer and facilitating the ‘one-click purchase’ experience. A large percentage of customers are likely to make purchases more often when the payment process is simplified using delegated authentication, leading to higher conversion rates.
This seems like such an obvious solution that one may wonder why it was not in use before. There were significant barriers to putting it into practice. In the past, issuers were the only ones who could authenticate customers and authorize transactions, but this new form of authentication requires agreements between the respective merchant and issuers.
Depending on where customers are located, this could be a laborious process involving many issuers or banks. However, in the recent past, major card networks like Visa have started offering a brokerage programme where merchants who partner with them only need to have bilateral agreement instead of concluding contracts with a long list of issuers, something that simplifies the process for merchants, while increasing trust between them and issuers, as Visa provide credibility and validity to the authentication.
For more information on the benefits of usingthe Visa delegated authentication program, visit our website at https://loginid.io/
