Digital payments have evolved tremendously over the past decade. Security of digital payment is all about guarding customer’s privacy and protecting their digital payments. This article details the most important reasons for security in digital payments.
According to research, the number of digital payment users is forecasted to increase by 5.4% year-over-year in 2020. So, secure payment solutions are needed. Here in this section, we will explain to you why security is mandatory in digital payments.
#1. Preventing Fraud
Websites that meet the PCI compliance are more secure. PCI stands for Payment Card Industry. It is a set of regulations created by companies like Visa, MasterCard, American Express, etc. Every merchant has to comply with this scheme to get certified.
Any non-compliant websites can get into legal action because customer privacy is the top priority. In this digitalized world, digital payment thefts are very often heard. In brief, any website that wants to process, store, or transmit digital credit card data must be PCI compliant.
#2. Certifying E-commerce Websites
Not all websites are safe for payment. So, to verify these websites, SSL protocols are implemented. It stands for secure sockets layer. Website URLs that start up with HTTPS are SSL certified. You might have seen examples of it without even realizing it.
Firstly, it ensures that your transaction data is secure. Wide adoption of this protocol will reduce online theft. Secondly, it will increase your brand recognition. This will also increase your brand awareness. In short, building e-commerce sites with SSL certification will ensure your customers that your website is protected.
#3. Decrease Digital Thefts
People nowadays are embracing digital Payment solution provider rapidly. To ensure additional security, an Address verification service is implemented. This security measure is intended to authenticate your credit card’s billing address.
AVS verifies you’re billing address with the one your credit card provides. It is easy to implement. But as with all the goods, it has its cons. AVS is not a foolproof method. Outdated information might question its capabilities. So, it should be paired with other anti-theft measures.
#4. Improve Transparency
Every online transaction gets recorded. Thus, creating a potential risk. Moreover, this process makes the customer doubtful of it. So, big credit card companies add a third layer of security. It is called 3D secure authentication.
Three domain security is a final authentication protocol. With this security feature, the bank takes the last checkout step and ensures the pin codes and biometric scans. Additionally, this shifts the liability of the transaction to the issuing bank.
#5. Gains Your Trust
Even a few years ago, people did not trust online payment services. Also, money thefts were very common. Though there are some risks, peoples’ perception has changed. Certifications like PCI and SSL have gained peoples’ trust.
Making your website secured for digital payments will likely increase your brand awareness. You will get more traffic. Furthermore, it will also educate the customers about digital payment security.