One97 Communications Limited which owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments, today announced that its wholly-owned subsidiary Paytm Payment Services Limited has introduced EMV 3DS upgrades for Visa cards. EMV 3DS is the latest security protocol to seamlessly authenticate consumers and safeguard against card-not-present (CNP) fraud. With this, the company has become one of the first to implement EMV 3DS for Visa cards across its existing merchant partners.
A new global protocol for authentication of card transactions, EMV 3DS is a mandatory requirement for card payments to make them more secure and effective.
Paytm Payment Gateway’s EMV 3DS upgrade has been developed in-house for the company’s existing online merchants to seamlessly migrate to the new protocol without any additional efforts from their end. It provides better authentication rate, and greater security, reduces false declines and offers 10X data exchanged with the issuer which reduces fraud as well.
Paytm Payments Services Spokesperson said, “We continue to bring industry-first innovative payment solutions for our merchant partners and users. With EMV 3DS compliance in record time for Visa, we have ensured that our existing merchants are ready for the upcoming festive season without worrying about upgrading integration or spending extra for tech bandwidth. With this, we continue to drive a global standard for seamless and safe card transactions.”
Rishi Chhabra, Head – Merchant Sales & Acquiring, Visa India and South Asia said “We congratulate Paytm Payment Gateway on its successful transition to the new EMV 3DS standards. We believe this enhanced EMVCo® protocol will augment the security of the online commerce ecosystem, ensuring safer and more efficient transactions for Visa cardholders and merchants. We are happy to have partnered with Paytm on this journey to provide superior transaction experiences to their customers.”