Increasing card-non-present purchase
Today, only 12% of retail sales are online. With e- and m-commerce set for significant growth in the coming years, an increasing proportion of credit card purchases and digital wallets are migrating to card-not-present (CNP) channels.
While this represents a huge opportunity for players in the payment industry to develop online payment and authentication solutions, fraudsters are also following the trend towards CNP channels.
This presents a challenge for banks, merchants, and domestic and global payment schemes to provide shoppers with a buying experience that balances fraud prevention with a simple and rich customer experience.