KEMI Okusanya, vice president and country manager, Visa West Africa, has identified connectivity on mobile devices security of transaction as vital to sustaining the growing e-commerce landscape in Nigeria and other parts of the continent. She noted that Visa has been helping online merchants and issuers identify potentially fraudulent transactions with 3DS for nearly 20 years.
Okusanya, who spoke during the unveiling of ‘Visa Secure’ – a new programme for frictionless payments and improved online experience, said e-commerce in Nigeria was growing rapidly.
The consumers, she explains, expect always on connectivity with mobile devices and rely on retailers to provide payment experience both secure and frictionless. That is where the new Visa Secure program comes into effect
According to her, Visa Secure offers significant enhancements in e-commerce fraud detection capabilities for issuers and merchants and can reduce friction for cardholders at checkout. The VP said Visa Secure (previously known as Verified by Visa), is an updated programme to help make online payments more secure.
Available across the Central and Eastern Europe, Middle East and Africa, CEMEA, region, Visa Secure provides rules and policies merchants and issuing banks have to follow to authenticate e-commerce transactions and verify cardholder identity before a transaction can be authorized.
“Visa Secure uses the latest EMV 3-D Secure (3DS) specification, which is the new industry-wide messaging protocol designed to promote frictionless consumer authentication. It enables consumers to verify their identity with their issuing bank or other entity (issuer) when making card-not-present (CNP) e-Commerce/online payments. The additional security layer helps prevent unauthorised CNP transactions and helps protect merchants from exposure to CNP fraud.
“Visa Secure has been designed to provide increased fraud protection, minimize cardholder friction, and increase the completion of sales, leading to a better experience for all parties involved. For merchants, Visa Secure delivers greater fraud prevention by sharing up to 10 times more data with issuers for better risk analysis and advanced decision making.
“This helps both merchants and issuers detect and avoid fraud more effectively. Consumers can also benefit from a smoother and consistent user experience across multiple payment channels, including mobile web, in-app and digital wallet payments, without any compromise in security,” Okusnaya said.
