PAAY sees growth powered by its EMV 3DS solution

Thursday 30 July 2020 12:28 CET | News

PAAY has announced a 155% YoY growth, while making available its Partner platform that implements and monitors EMV 3DS across multiple merchant accounts.

According to the press release, the real-time monitoring system comes to help merchants who are seeing record sales numbers, as fraud rates are growing in parallel. Moreover, global ecommerce is expected to hit USD 4.9 trillion by 2021 and projected fraud is expected to reach USD 140 billion by 2025. Because of this, fraud prevention and cybersecurity have become top of mind for online retailers. 

Consequently, PAAY’s EMV 3DS solution arms merchants with a way to future-proof their payments infrastructure by allowing them to increase authorisation rates, reduce chargeback expenses, and stay compliant. Contrary to this, the original 3DS system delivers consumers a user experience defined by long processing and verification times. 

As a result, merchants using 3DS are left to deal with cart abandonment. With EMV 3DS, PAAY is seeing authentication rates as high as 94% and transactions approved in under 2.5 seconds on average. Card networks such as Visa and Mastercard have also reported up to a 10% increase in authorisation rates on EMV 3DS transactions.

Furthermore, to complement its EMV 3DS solution, PAAY launched its Partner Platform for ISO's, gateways, processors, CRM's and other payment service providers to offer their merchants a secure EMV 3DS solution. 

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Keywords: PAAY, partner, EMV 3DS, multiple merchant accounts, merchants, ecommerce, ecommerce fraud, fraud prevention, cybersecurity, online retailers, authentication rates, chargeback, 3DS, cart abandonment, card, Visa, MasterCard, ISO, gateway, payment service providers
Categories: Fraud & Financial Crime
Countries: World
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Fraud & Financial Crime

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