Payments Innovation

PAAY Rolls Out Partner Platform To Complement EMV 3DS Technology

PAAY Rolls Out Partner Platform To Complement EMV 3DS Technology

PAAY has rolled out a partner platform to let merchants and payment providers implement and track EMV 3DS, a standard that aims to help prevent unauthorized card-not-present (CNP) transactions, throughout different merchant accounts. The company’s clients can currently log in to see authentication rates, protected transactions and additional new offerings, according to an announcement.

PAAY said its EMV 3DS offering lets merchants decrease chargeback costs, bolster authorization rates and maintain compliance as they provide an easy as well as frictionless experience for users.

By comparison, the first 3-D Secure (3DS) technology provides consumers with a user experience marked by lengthy times for processing and verification. In that instance, merchants have to contend with cart abandonment.

PAAY, however, indicates that it sees authentication rates of up to 94 percent and transactions approved in less than 2.5 seconds on average through EMV 3DS. In addition, the company said card networks like Mastercard and Visa have registered as high as a 10 percent rise in authentication rates on transactions with EMV 3DS.

The company reports that retailers selling through eCommerce are experiencing record sales numbers, but fraud rates are also on the uptick.

A 2019 LexisNexis study found that overall retail fraud attempts increased by two times year over year and three times since 2017. Merchants pay $3.13 per lost dollar on average, which marked an increase from $2.94 the prior year, by its measures.

“It is essential right now that businesses take measures to protect themselves against fraud. As COVID-19 continues to drive unprecedented acceleration of online retail purchasing, merchants can’t afford losses due to cart abandonment or false declines,” PAAY CEO Yitz Mendlowitz said in the announcement. “Our EMV 3DS solution enables small businesses to securely pivot and capitalize on the immense growth of remote commerce, while not sacrificing the end-user experience.”

PAAY also announced that it had appointed Adam Gluck to be the company’s first chief product officer (CPO) and chief technology officer (CTO). Gluck, a 25-year veteran in the emerging payments space, led teams at Mastercard before joining PAAY.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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