NFC TIMES Exclusive Insight – Major card networks Visa and Mastercard hope a new technical framework for online transactions they are backing from their jointly owned EMVCo specifications group will help them keep more transactions on their networks, amid growing competition for mobile and other digital payments and lackluster take-up of the networks’ respective online digital wallets, Visa Checkout and Masterpass.
Visa and Mastercard are touting the new Secure Remote Commerce, or SRC, framework and forthcoming specifications from EMVCo as a way to enable more simple and secure online transactions, and the networks may do away with their respective digital wallet brands on merchant websites, Visa Checkout and Masterpass.
Both of the networks also are making no secret of the fact they see SRC as a way to promote EMVCo-compliant card tokenization for merchants or the merchants’ e-commerce acquirers and gateways that keep cards on file for consumers. This would likely use the network’s own token service providers, VTS and MDES, ultimately giving the networks more control over transactions. EMVCo actually announced the forthcoming SRC technical framework last fall, and the major networks in the past week have announced their support for it.
