HONG KONG, Dec. 3, 2019 /PRNewswire/ -- AsiaPay, the leading digital payment service and technology leader in Asia, has completed certification for its EMV® 3-D Secure (3DS) version 2.2 and announced its launch of Xecure 3DS 2.0s solution - 3D Secure (3DS) 2.0 cardholder authentication solution to banks and merchants in Asia to enhance payment authentication effectiveness, maximize sales conversion while minimizing payment friction and sales dropout.
Being an active member of EMVCo, AsiaPay has early adopted latest industrial standards including the 3DS 2.0 certification program, and has worked closely with EMVCo to set the framework for certification covering Visa, Mastercard, American Express, JCB, Discover, China UnionPay (CUP) and Diners Card which supports 3DS 2.0 technology standard. EMV® 3-D Secure is an EMVCo standard which lays the foundation for the next generation in authentication solutions.
Xecure 3DS 2.0 solution comprises:
These are available to merchants, payment service providers, issuing and acquiring banks who wish to augment their solution with mobile and data enhancements, in form of licensed, hosted or AaaS model.
AsiaPay's 3DS 2.0 service supports both static password and one-time password (OTP) authentication and knowledge-based authentication options; as well as the support of biometrics in a later stage. Besides, it comes with a comprehensive range of controls and online reporting for issuing banks to manage the cardholder 3D secure registration, cardholder 3D secure status maintenance, and 3D Secure authentication processing.
The updated 3-D Secure 2.0 service brings a new approach to payment authentication process through a wider range of data, biometric authentication. In addition to an improved frictionless checkout payment experience, it helps merchants mitigate fraud liability shift, lower interchange rates, increase approval rates and sales, and greatly reduced false declines. It will also overcome a significant pain point of 3DS 1.0 by improving the payment experience for customers, especially, it optimizes the authentication on necessary base and can be seamlessly implemented on mobile devices.
For issuers, it will help to address and reduce risks and liabilities associated with online fraudulent payments. Based on the transaction type, added payment data, 3-D Secure 2.0 comes with tools on risk scoring and third-party RBA interfaces, banks can also choose different authentication methods best suited for their cardholders. This in turn will further strengthens its competitive edge in market.
"Identity, security, and trust are fundamental to payments, commerce, and finance, especially in an increasingly digital economy." says Joseph Chan, CEO of AsiaPay. "As being a leading provider of 3D Secure solution vendor in Asia, payment security has long been our key product and technology focus and AsiaPay will strive to bring next generation authentication and security solutions to banks and merchants in Asia, to enhance their business sales, service to customers and competitive edge."
About AsiaPay
Founded in 2000, AsiaPay, as a leading payment technology vendor and payment service provider in Asia, strives to bring advanced, secure, integrated and cost-effective electronic payment processing solutions and services to banks, corporate and e-Businesses in the worldwide market, covering international credit cards, China UnionPay (CUP) card, debit card, wallets, OTC and other prepaid card payments.
AsiaPay is an accredited payment processor and payment gateway solution vendor for banks, certified ISO/PF for merchants, certified international 3-D Secure vendors for Visa, MasterCard, American Express and JCB. AsiaPay offers its variety of award-winning payment solutions that are multi-currency, multi-lingual, multi-card and multi-channel, together with its advanced fraud detection and management solutions.
Headquartered in Hong Kong, AsiaPay offers its professional services and customer-centric local support contact across 15 country operations in Asia including Thailand, Philippines, Singapore, Malaysia, Mainland China, Taiwan, Vietnam, Indonesia, Australia, and India. For more information, please visit www.asiapay.com and www.paydollar.com.
For more information, contact:
AsiaPay Limited
Edward Ng
Associate Director, IT
Tel: +852-3173 1977
Email: edward.ng@asiapay.com
