“With the rise of FinTechs in Europe and the rest of the world, and with EMV, there’s a shift away from counterfeit fraud and mag stripes, toward CNP [card-not-present] and eCommerce fraud,” Tharle said. “What’s going to change, quite significantly in the U.S., is that as new technologies come in, merchants will put in new controls to limit their liability.”

Our drive around our e-commerce product is to instead of trying to put more emphasis on how we secure a CNP transaction, as we know in today’s world, OTP’s are sent to customers. We have said “Why don’t we look at turning a CNP transaction to a CP one?” This means, and as mentioned, that your card details do not need to be entered onto the web. 

This is not only a smooth customer experience; it saves the merchant on fraud costs, shifts some of the liability away from the merchant to the issuing bank and saves the merchant on interchange rates. So, rounding it together, the big opportunities are helping SMEs to go digital and enabling them to use an online checkout method which will lower fraud and lower their costs.

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