Digital transformation has seen an unprecedented acceleration over the past year – five times the normal rate. This shift has affected nearly every aspect of our lives – including how we pay for goods and services. Consumers expect frictionless, secure and consistent payment experiences which, in a digital context, all require authentication. Yesterday’s authentication solutions no longer scale to the demands of a digital-first economy.
The Strong Customer Authentication (SCA) regulatory requirement has given Europe a head start in designing payment authentication solutions that reduce consumer friction in the checkout process while also meeting bank level security to enable better experiences for merchants, banks, and their customers.
FIDO-based solutions are the enabling technology that can deliver for Europe today while being the test bed for digital payments globally tomorrow.