iAxept Launches SCA-Compliant Contactless Card

iAxept, a UK-based Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company, announced on Tuesday the launch of a Strong Customer Authentication (SCA)-compliant contactless payments card for internet shopping.

Users of the card can use it contactless with their phones similar to a point-of-sale (PoS) machine, meaning a tap on the back of the phone with the card will fetch all the necessary information while checking out from a merchant website.

Per a survey by Kantar TNS, 94 percent of online shoppers have abandoned their shopping cart due to complex checkout process, 55 percent of shoppers do not want to either key in their card details or store them online, while 33 percent would buy more online if there were a secure and easy checkout process.

The United Kingdom-based company is trying to fit itself in this gap, easing the process of payments.

Similar to any contactless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term method, iAxept’s card is using near field communication (NFC) technology, meaning users need to enable NFC on their phone before taping the card.

Regulatory requirements need to be followed

Due to regulatory restrictions of the European Union’s Payment Service Directive 2 (PSD2), there is also a limit for making contactless transactions, and if the user’s transaction value exceeds the limit, a PIN needs to be typed in for payment confirmation.

iAxept also pointed out that with its new card, merchants and their payment service providers will no longer be liable for ‘card-not-present’ fraud-related financial losses and chargeback costs as the transaction is classed as ‘card-present.’

Commenting on the new product, Doug Gray, chief commercial officer at iAxept, said: “We have received massive interest from merchants, acquirers, and PSPs from all over the world. iAxept Online Contactless solution is a perfect solution for the SCA requirement and the EU payment industry needs to act now in order to fulfill the SCA deadline by end of the year without completely disenfranchising their merchant clients with an inferior customer experience and lost sales.”