Card companies introducing new digital payment standard

2 October 2013

The world's biggest credit card companies are coming together to create a new digital standard for online and mobile shopping.

MasterCard, Visa and American Express are seeking to make the whole process simpler and safer by removing the need for account numbers to be supplied at checkout.

The proposed framework would improve the security of the digital payments process regardless of what device is being used.

Figures supplied by the US Census Bureau show that since the first quarter of 2004, there has been a 200 per cent increase in the number of retail sales.

The proposals include the development of new data fields to provide richer information about every transaction - it is hoped this will speed up the approval process and improve fraud detection.

Jim McCarthy, global head of innovation and strategic partnerships at Visa, said: "We are committed to showing industry leadership in the development of new standards that offer the same interoperability, reliability and security as traditional card payments."

By Asim Shah

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