Financial institutions introduce new technology for e-commerce

Mercado Pago, Itaú Unibanco and Mastercard perform first credit transaction with EMV 3DS protocol, which allows the same approval rates as the physical world.

Mercado Pago, fintech of Mercado Livre, Itaú Unibanco and Mastercard announce that they have just made the first EMV 3DS (version 2.1) authenticated online transaction for credit card purchases on the Mercado Livre platform.

The technology promises to revolutionize e-commerce by increasing approval rates for online credit and debit card purchases by promoting transactions as secure and convenient as those in the physical world. For debit cards, companies expect to make the first transaction during the year.

Authentication is possible thanks to the integration of the Mercado Pago platform with Mastercard solutions called Identity Check and Smart Interface, which allows the use of the 3DS 2.0 protocol, which raises the online purchase approval rate to the level of face-to-face payments, with indexes in around 100%.

Innovation enhances the customer experience and contributes to increased e-commerce conversion rates. Increasing the amount of data reduces the chances that a legitimate online purchase will not be approved for lack of information.

EMV 3DS authentication uses machine learning technology to perform risk analysis considering a larger amount of user and seller data. Mapping includes device data (computer IP, store address, desktop or mobile purchases, etc.) that assists in decision making involving banks, acquirers, payment companies, and banners, facilitating online purchase authentication.

Integrating this system with the Paid Marketplace platform will provide another layer of next-generation security while providing more protection for online purchases.

“We will offer an innovative experience by increasing the approval of purchases as securely and conveniently as a physical store payment. In debit, the online journey will have even more significant changes, making room for the massive use of one type of card. With this project, we take an important step towards the democratization of e-commerce and reinforce our position as the most complete fintech in the market “, explains Tulio Oliveira, Vice President of Paid Market in Brazil.

“Providing additional security for online transactions is part of our Itaú and Rede Continuous Improvement strategy,” said Rubens Fogli, the bank’s Digital Business Director. “By being able to rely on extra data, which will increase our certainty that in the digital environment, the buyer actually matches the cardholder used, we improve the consumer experience and contribute to increasing the confidence level of this audience, favoring the advance of internet commerce “, adds the executive.

According to João Pedro Paro Neto, Mastercard President for Brazil and the Southern Cone, as digital commerce continues to grow, consumers demand convenience and security in their transactions. “We will increase the quality of transactions through new forms of authentication to drive e-commerce for a safer, more frictionless online experience,” concludes Paro Neto.

Source: First Page

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