Since the COVID-19 pandemic everyone’s daily lives have completely changed. This includes businesses and how our daily business lives function. The payment industry is no different. In fact, the payment industry has taken one of the biggest hits for making changes and creating more security basically overnight.

Previously, EMV 3-D Secure 1.0 was introduced has an option to help with security of payment transactions. This came before smartphones were used daily especially with online purchases. COVID-19 has forced many businesses to reevaluate how they run their business to increase revenue, how they market their business and security for their customers payment options.

While 3DS1 is still used in the payment industry, 3DS2 has now been created. Which is officially called EMV 3DS and was specifically designed for commerce transactions that are remote. This new security method creates more communication between merchants and card issuers, as well as, consumers helps reduce consumer pain at the checkout.

Due to an increase in information provided to the issuers they are receiving data with additional information because of EMV 3DS, Visa and Mastercard have reported increases of 8-10%in authorization rates.