The European Commission announced new regulations designed to safeguard consumer financial data. More purchases will require the added layer of security known as two-factor authentication for consumers to confirm their identity. Online, this may involve entering a one-time password or biometric verification. In-store, you may be required to enter your PIN more often for contactless purchases.
In anticipation of the new regulations, Visa has sought opportunities to streamline the checkout experience.
We know that you shop most frequently with brands you trust. Visa is creating a program where you can select your favorite stores and designate them as “trusted”.
After opting in, you will complete a single additional verification step. Subsequent visits to selected merchants will not require the additional authentication step at checkout. You retain complete control and can modify your list of trusted merchants at any time, within your bank’s web or mobile banking application.
When additional authentication is required, Visa is working with financial institutions to deliver a convenient biometric alternative to one-timepasswords to streamline the checkout experience.
When you make a purchase in person with a chip or contactless card, you may be asked for your PIN. With the new regulations, the frequency of this request may increase.
Certain transactions will not change. For example, payments at unattended terminals for transport and parking fees are exempt. You won’t be slowed down when boarding a bus or parking your car.
To find out more about Visa contactless, click here.
Visa is committed to consumer security and convenience. To find out more about how Visa innovates in digital commerce, click here.