iAxept, a UK-based fintech company, has launched a Strong Customer Authentication (SCA) compliant payment method using contactless payments cards for Internet shopping.
As a result, shoppers no longer need to type any card information, usernames, passwords or register to anything. Just one tap of their contactless card on the back of their own smartphone is needed to make the payment. If the purchase is above the contactless limit, the cardholder enters their usual PIN code on their smartphone.
iAxept Online Contactless solution uses a combination of a contactless card and its PIN code for authentication and addresses merchants and payment service providers that aim to be PSD2 compliant. As a result they will no longer be liable for Card-Not-Present fraud related financial losses and chargeback costs as the transaction is classed as Card-Present, according to the official press release.
iAxept is registered in England and Wales and based in Canary Wharf, London, and has worldwide patent filings for its technology.
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