EMVco Takes the Reins of 3DS 2.0
Jan. 12, 2015
The global body responsible for the technical specifications around EMV payments will also develop and manage the spec for the new version of online security standard 3D Secure. Visa and MasterCard announced jointly in November a revamp of the 3DS protocol that will not rely on static passwords to secure e-commerce transactions. EMVco, established and owned by the major global card networks including American Express, Discover, JCB and Union pay in addition to MasterCard and Visa, will take over development of 3DS 2.0. While the current version of 3D Secure (known mostly by Visa’s Verified by Visa and MasterCard’s SecureCode) has gained some traction globally, U.S. merchants have resisted the measure, concerned about how it affects conversion. Tac Watanabe, EMVCo executive committee chair, said the updated version will attack that problem while understanding card-not-present payments have evolved beyond the desktop.
“3DS 2.0 will provide an infrastructure that allows cardholders, issuers and merchants to establish a secure link to authenticate each party,” Watanabe said. “Increased security, however, should not cause product abandonment or make online shopping inconvenient. It also needs to align with the needs of today’s market stakeholders. The EMV 3DS 2.0 Specification will address this by enabling the merchant to offer a better, more streamlined authentication experience across different devices and channels.”
EMVco said its goal is to have a globally interoperable standard to protect card-not-present transactions ready for market in early 2016.