In our previous post, we provided an introduction to key terms in the banking industry. This time, we will focus on basic types of payments that you may encounter in your business.

PAYMENT TERMS:

B2B

B2B, which stands for Business-to-Business, refers to commerce between two enterprises as opposed to transactions between a business and an individual customer. The size of most B2B transactions is larger than B2C (Business to Consumer) transactions because generally an enterprise will be seeking to buy a large inventory of items to sell to end users. B2B purchasing may also involve raw materials used to manufacture finished products or services. B2B deals may be subject to bidding processes and negotiations, so payments are rarely immediate. 

B2C 

The term Business-to-Consumer (B2C) refers to the process when a company sells products and services directly to consumers who are their end-users. Most enterprises that sell to consumers can be referred to as B2C companies. B2C payments can take various forms: many B2C transactions take place on websites, where consumers buy products directly from online retailers. Today, many B2C purchases are conducted on mobile apps. When dealing with cross-border payments, businesses should offer familiar payment methods at each location and generate personal relationships with customers.

C2B 

C2B, which stands for Consumer-to-Business, is a system in which an end user or consumer provides a product or service to an enterprise, which then uses it to complete a business process. Another C2B model is when a consumer allows a business to market a service or product on their website or blog in exchange for a fee. A different form of C2B is when an end user announces a need and businesses compete to meet it.

C2C 

The C2C (Consumer-to-Consumer) business model involves transactions between two consumers. This type of commerce is typical of intermediary auction websites such as eBay, Etsy and Craigslist, but the site does not take responsibility for the quality of the products. In C2C transactions, prices are negotiable and the purchasing process is simple. These websites usually provide convenient payment methods such as PayPal, credit cards, debit cards and mobile apps.

As a rule, it is worthwhile to keep your eye on developing payment trends and new models. The ability to facilitate payments for both enterprises and individual buyers is key to your commercial success.

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In this post we will introduce you to some of the terminology used regularly in the banking sector. 

BANKING TERMS:

Bank Wire/Wire Transfer 

A bank wire is an electronic message system, which enables banks to communicate regarding various actions or developments connected to client accounts. A wire transfer, on the other hand, constitutes the electronic transfer of funds across a network, which may contain a large global group of bank administrators. Wire transfers enable individuals or businesses in different geographic locations to safely transfer money to various entities. 

SWIFT Code

The SWIFT code of the Society for Worldwide Interbank Financial Telecommunication is an internationally-recognized identification code for various banks around the world. SWIFT codes are generally used for international wire transfers, and are comprised of 8 or 11 alphanumeric characters. If you plan to send money to an entity overseas, you will need to have the recipient’s SWIFT in order to perform the transfer. 

Virtual IBANs

An IBAN (International Bank Account Number), is a virtual account issued by a bank, which enables the account holder to receive incoming payments and reroute them to a real bank account. Virtual IBANs provide all the functionalities of traditional bank accounts such as sending and receiving payments, bank statements, and more. IBANs enable international companies processing transactions in different currencies to easily reconcile all incoming payments. Using IBANs, these merchants can allocate a unique virtual account to receive payments from each client and for each currency, thereby increasing efficiency and cutting costs.

SEPA

The European Union (EU) created SEPA (Single Euro Payment Area) as a payments ecosystem which regulates how cashless payments are transacted between Euro countries. European consumers, businesses, and government agencies that make payments via direct debit, credit card or through credit transfers use the SEPA system. In the designated zone, businesses can carry out various transactions in Euros, regardless of their location.

Correspondent Bank

Correspondent banks are financial entities that serve as agents on behalf of other financial institutions, often foreign banks. Correspondent banks may handle foreign exchange, manage international investments, facilitate international trade and provide other services to the foreign bank in exchange for a fee. Foreign banks avail themselves of the services of correspondent banks when they are unable to establish a branch in a given country. 

EMI 

The Electronic Money Institution (EMI) supplies licenses for issuing electronic money. It allows certain entities to issue their own currency, which can be used outside the location of the payment system. It can also be converted to other currencies and service third-party payments. In addition, the EMI license allows the created currency to bind already existing payment bank cards to client sub-accounts. EMI licenses enable the issuing of cards of major vendors (VISA, MC, etc) and even the creation of an independent card payment system.

STAY TUNED FOR OUR NEXT BLOG POST ABOUT PAYMENT TERMINOLOGY

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Here are some of the most inventive fintech initiatives already meeting a wide range of challenges related to open banking today:

TrueLayer

TrueLayer has developed a platform to help third-parties enhance KYC compliance processes, open banking, and PSD2 qualifications. TrueLayer’s APIs, one for account data and another for payments, enable turnkey access to banking data, eliminating the need for companies to design their own integrations. TrueLayer has developed partnerships with a variety of financial entities involved in open banking, personal finance, and accounting. The startup is regulated by the UK’s Financial Conduct Authority (FCA).

Divido

Divido provides retailers with the ability to offer consumer credit at the checkout stage of an online purchase. The company pools several  lenders, so that when a customer applies for credit online or in-store, Divido submits the details to its connected lenders through an API for an immediate decision. Divido offers its services in multiple currencies to retailers, lenders and banks.

iwoca

iwoca provides loans to SMB companies in the UK, Poland, Spain and Germany. It also offers open banking in conjunction with several well-established traditional banks including Lloyds Bank, Barclays and HSBC, so that borrowers can instantly submit verified information. iwoca claims that its technology enables decision-making based on a company’s business performance and not just a credit score, thereby providing greater opportunities for SMBs.

GoCardless

GoCardless’ main niche is bank-to-bank payment methods. GoCardless defines itself as a platform enabling customers to access a variety of payments systems without having to integrate with each one separately. Through its direct debit offering, retailers can collect one-off or recurring payments automatically.The startup’s aim is to facilitate more direct payment methods across a wide range of locations.

DoPay

DoPay’s cloud-based payroll platform enables employers to pay staff who do not have a bank account (some 2 billion people worldwide) without any need to pay cash.

The platform facilitates various payroll processes like calculating salaries and submitting government forms. Salaries are paid into a DoPay account, while recipients are provided with a pre-paid Visa card to use in-store or online, as well as a mobile phone app to manage their finances.

Chip

Chip is an automated savings app which connects to the user’s current account. The Chip algorithm calculates how much the customer can afford to save and transfers the designated amount to a Chip savings account, which is held with Barclays. The sum is continuously adjusted based on the user’s spending habits. Chip has applied to the FCA to become a regulated account information service provider (AISP). Once the company qualifies, no bank will be able to deny its customers access to Chip’s services.

Yapily

Yapily aims its services at fintech developers, providing tools to connect their apps to retail banks, gain access to users’ account data, and initiate payments via its APIs.  Yapily features a transparent API that does not store any data. The service is charged per use rather than per user.

Yolt

The free Yolt app categorizes payments, predicts outgoings and has a partner marketplace for deals related to a variety of financial services. It also offers financial advice in-app.This user-friendly interface connects to a range of bank accounts and banks including Lloyds Banking Group, RBS and HSBC brands, as well as challenger bank Starling.

Smart Bill

Smart Bill focuses on the ‘subscriptions trap,’ which involves consumers who are being automatically billed for unwanted subscriptions that they have forgotten.Once granted permission, Smart Bill currently scrapes the user’s bank account to discover recurring payments and categorize them. Users can review the subscriptions and have Smart Bill cancel them. The app also identifies renewal dates for a variety of services and automatically ensures users will be getting the best deal at renewal.

New fintech companies are bringing greater financial opportunities to retailers, SMBs, banks, customers, fellow fintech startups, employers and a wide range of other entities. It is only to be expected that as open banking expands, many more fintech initiatives will develop to serve new needs and diverse audiences.

Singles Day (November 11), which was first started by Chinese college students in the 1990s, is the antithesis of Valentine’s Day. It is a day dedicated to the celebration of singledom.

Some singles have developed various rituals to mark the day including gifting friends with 1 figure-shaped items, from toothpicks to half of a deep fried double dough stick. Other singles, who aren’t into celebrating their status, will go on a blind date on the day so that they don’t have to be alone.

One of the most outstanding customs is self-gifting: This is a day for self indulgence and rewards for hard work all year round.

The world’s greatest shopping extravaganza

Singles Day is hands down the world’s biggest online shopping event. On Singles Day last year marketplace giant Alibaba recorded $30.3 billion in sales in a 24-hour period, more than Black Friday and Cyber Monday combined.

China is the world’s largest e-commerce market, with annual sales approaching $1.53 trillion. So there’s room for everyone – Alibaba is not the only corporation that can profit from the holiday, global retailers can capitalize on this day as well.

The Chinese favor foreign labels so this shopping day represents a unique opportunity for global brands. According to Alibaba, over 40% of Singles Day shoppers purchased international brands, including Apple, Dyson, Gap, Estée Lauder, L’Oréal, Kindle, Nestle, Nike, and Adidas.Over 240 international brands recorded at least $14.4 million in sales.

4 Tips for global online retailers

• Offer popular items

Last year buyers favored health supplements, followed by milk powder and diapers. Makeup products, including emulsions, facial masks, face wash and toner, were also high on the national shopping list. However, as a large number  of shoppers are savvy millennials, many sought out electronics, smartphones and gadgets. Due to the fact that a significant percentage of the shoppers are women, apparel and home goods also sold very well.

• Spread your wings

Singles Day has spread beyond China to Southeast Asia and other locations. In countries like Singapore, Indonesia, Thailand and Vietnam, local residents eagerly await the day’s special sales.Last year, prior to Singles Day, China’s largest retailer, JD.com, rolled out a two-week campaign called  “11.11 Crazy Hot Sale,” in which it targeted Thai shoppers. Even US retailers are starting to adopt Singles Day, as a time when Americans can express well-deserved self-love.

• Provide familiar mobile app payments

Chinese online consumers use WeChat for every aspect of their lives, from scheduling doctors’ appointments and shopping to messaging friends and payments. Shopping by smartphone in China is quick and easy, thanks to convenient payment methods, particularly Alipay, Union Pay and WeChat Pay. If you want to make a hit on Singles Day, integrate these familiar payment platforms on your Chinese website.

• Reach out through social media

The Chinese are very connected to social media. While WeChat is the most effective way to reach potential customers, Weibo (similar to Twitter) and Youku Tudou (similar to YouTube) are also widespread. Post videos, interactive content, and special coupons to attract followers.

Singles Day offers online retailers huge potential both in China and abroad, but it is very important to study your target audience’s culture, shopping preferences and spending habits before taking the plunge.  

The issues of privacy and protection of personal data are a major concern for online consumers. According to a recent NCSA study, 92% of online customers cite data security and privacy as a concern. Many of them are convinced that companies do not store or use their data responsibly.

In response to this growing apprehension, the European Union decided to enact a single set of regulations to standardize personal data protection across the board. In May 2018, the General Data Protection Regulation (GDPR) went into effect, clearly stating how companies are permitted to legitimately process and transfer sensitive data. It is crucial to note that GDPR applies to any company that markets products or services to EU residents, regardless of where it is based. This means that enterprises based outside of Europe that do business with EU citizens are also bound by the regulation.

Key GDPR data clauses

Data protection requirements as required by the GDPR include a variety of specifications, but basically concentrate on several key issues:

• Active consent – Affirmative action from the individual allowing a company to possess and process personal data
• Right to be “forgotten” – An individual is entitled to demand the deletion of his or her personal data
• Right to know –  An individual may demand access to the personal information a company has gathered and request clarification regarding how it is being used
• Data breach notification – Companies are required to notify individuals about data breaches within 72 hours
• Data transfer – Companies must ensure that cross-border data transfer is accomplished securely

Stiff penalties have been enforced for non-compliance, sometimes reaching 2% or 4% of a company’s overall global turnover. Honda Europe was fined  £13,000 for emailing subscribers who had opted out. The Morrisons supermarket chain was fined £10,500 for emailing all its loyalty program members regarding account updates, despite the fact that over 130,000 subscribers had unsubscribed.

Compliance tips

While these penalties may sound ominous, a methodical approach to GDPR requirements not only ensures compliance, but in the long run also generates trust in your customers and enables you to engage with your real target audience.

Here are several tips that will help you remain compliant and even improve your bottom line:

• Bring in a data protection officer

GDPR compliance can be complicated and may prove to be dynamic as companies go for new markets and customers seek access to data. Due to the fact that data may be gathered through various channels, it makes sense to have a single entity in charge of all data collection and use across the company.

• Ensure ongoing data mapping across the board

Data mapping under GDPR is an ongoing process. Keep track of where your data is coming from and where it is going. Make sure to delete unnecessary data, and constantly monitor and update your data security protection measures.

• Monitor your mailing lists

The GDPR requires you to obtain an opt-in consent from recipients before sending them marketing emails. Buying email lists for marketing campaigns can incur penalties. Ensure that your marketing automation system and your CRM database are synchronized so that all email users that have opted out have been deleted completely.

• Request only necessary information

When asking customers to fill out forms, request only necessary data. Minimizing data requests serves a double purpose – it helps you comply with GDPR requirements and also prevents abandonment. Customers are put off when asked to fill out long forms, and become suspicious when asked to provide too much personal data.

GDPR isn’t going away, and there is reason to believe that additional data privacy regulations will soon be enacted both in Europe and in the United States. Companies would do well to rethink their data protection strategies and implement the necessary steps to ensure data privacy today.   

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How can you plan an e-commerce campaign that will make you stand out and attract both new and veteran shoppers to your brand? 

Review last year’s campaign and check out the competition 

Take a good look at last year’s marketing activities and analyze which were the most successful techniques. Did your email campaign bring in new interest? Which social media platform was most successful? Were buyers responsive to special offers and coupons?

A good way to get innovative ideas is to check out your competitors. What did they offer last year? Did they come up with special strategies to arouse increased interest in their brand? 

Time your campaign carefully

First you must determine the basic concept of your campaign. Think about your message and what you are trying to achieve. Then go into the timing, such as the dates when certain products will be promoted, as well as which social media platform you will be using and when (including Instagram, Pinterest, YouTube videos, Facebook, etc). Consider whether you want to add influencers and/or giveaways and contests to the mix. Determine when it is best to add seasonal Google Ad campaigns.

Start posting teasers as early as September and plan your posts carefully so that you build up anticipation and lead gradually up to your special surprises as the holidays grow nearer. 

Add one-time offers and surprise elements

When holding a contest, offer super prizes like a candlelit dinner for two, a romantic couple’s spa day, or bungee jumping for those who love competitive sports, depending on the age and entertainment preferences of your target audience. Create a “mystery box” that includes a random selection of your most popular products worth more than the price you are charging. 

Spoil your loyalty club members by offering a grand giveaway right before the holidays in addition to seasonal discounts and special, one-time offers. Create a sense of expectation and excitement to keep your audience riveted.

Use personalized content, creative videos and exciting pictures

Buyers are not interested in reading lengthy, general content. In order to engage customers you must deliver customized messages that prove your brand’s interest in them as well as providing a solution to their personal problem. 

Make a range of innovative videos, from “how tos” to new product showcasing, to customer testimonials. Create a series of clever Instagram stories and upload a variety of exciting pictures to pique curiosity and interest. Come up with a creative holiday theme such as nostalgia, new year resolutions, lifestyle changes, social responsibility or collections. Build on them to create a productive, long-term bond with prospective customers.

Think outside-of-the-box

Don’t be afraid to let your imagination go a bit wild when it comes to holiday campaigns. To snag weary consumers’ interest, you need to stand out. Try some exciting new stuff related to unique content, humor, surprises and prizes, and see how it all goes down. May the force be with you!

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How does contactless payment work?

Contactless credit and debit cards use a combination of traditional EMV chips, along with a contactless chip and RFID antenna. In the case of digital wallets, the smartphone contains a pair of chips, one that accesses and encrypts the card information, and the other, a near-field communication chip that transmits the card data to complete the transaction. The digital wallet is installed on a mobile device, enabling users to manage funds and pay with their credit card accounts.

Tap-and-pay worldwide

Europe is the global leader in the use of contactless cards with nearly one in two transactions contactless. In the UK, the number of contactless transactions rose by 31% in 2018 when compared to the previous year. According to the UK Trade Association, eight out of ten debit cards and six out of ten credit cards are contactless today. The use of contactless cards has received a major boost in the UK since 2015, when the London Transport System began accepting contactless payments.

In Canada and CEMEA (Central Europe, Middle East and Africa), nearly 60% of face-to-face transactions are concluded with a tap. In Asia Pacific, contactless payments constitute more than one-third of face-to-face transactions.

Contactless payments in the US

Up until recently, the US has lagged behind Europe when it comes to contactless payments. However, at the end of May, New York became the first US city to enable subway and bus riders to start tapping a contactless bank card or their mobile wallet to pay fares. The adoption of tap-and-pay technology in cities like Boston, Chicago and San Diego should give contactless payment further impetus.

Issuers jump on the bandwagon

Visa has announced that it expects 100 million of its cards to be contactless by the end of this year. The network’s real-time debit service Visa Direct is said to be driving usage and expanding use cases and geographies.

JPMorgan Chase & Co. stated that it has already issued 20 million contactless Visa credit cards as part of a rollout that began earlier this year. The bank added that tap-and-go debit cards will be on offer later in the year. Wells Fargo and Bank of America are also expected to start issuing tap-and-pay cards in 2019.

Payment ease reigns supreme

The rising popularity of contactless payments is inevitable, and is certainly not a passing trend. Today’s customers demand easy payments as a matter of course. As they carry their smartphones everywhere and utilize them for multiple purposes, it only makes sense that they will aspire to use them to complete transactions with super fast checkouts and a single tap. So contactless will definitely play a major role in payments in the years to come.     

Here are several upcoming holidays that intrepid retailers can use to attract new customers and reconnect with return buyers:

August 26 – National Dog Day

Founded by Colleen Paige in 2004, Dog Day was originally conceived as a day to show appreciation for service dogs and draw attention to the plight of abused dogs. Today, many Millennials have pet dogs. This is a day that dog owners will go out to buy sweaters and new toys for their pets, so retailers with pet stores and online doggie products should advertise special sales on their websites and social media well in advance. 

September 8 – National Grandparents Day

Recognized as a US holiday since 1973, National Grandparents Day is a time to pay respect to grandparents, recognize the impact of the elderly on the lives of the young, and enable grandparents to lavish love on their grandchildren. This day is celebrated in many countries worldwide, though not on the same date.

Retailers may take advantage of this day by offering discounts on a variety of gifts for the elderly.  Some people throw parties for their grandparents, so discounts on cakes, favorite foods and decorated paper products are in order. Flower arrangements are also popular gifts. 

September 29 – National Coffee Day

Coffee Day is celebrated all over the world. Many businesses offer free coffee on this day and pass coupons for free or reduced cups of coffee. This is the day to buy yourself or other coffee lovers their favorite beans. 

Coffee shop and restaurant owners can offer special discounts on meals accompanied by coffee, and an array of exotic types of coffee at holiday rates. 

 October 3 – National Boyfriend Day

While National Boyfriend Day is not an official holiday, you’ll be relieved to learn that it has a counterpart (Girlfriend Day) on August 1. This is a day to cherish one’s significant other. 

A wide range of retailers can take advantage of this holiday by offering special gifts for men, both young and old. Whether the guy’s dream gift is a fishing rod or a cool electronic gadget, advertise your special gift choices in advance in-store, online and via social media.

October 29 – National Cat Day

Not to leave the felines out, Colleen Paige created National Cat Day in 2005. This day advocates animal welfare and celebrates the love cats and humans have shared for centuries.

This is a perfect opportunity for pet-shop retailers to offer treats and toys for cats. Cat owners can have a portrait taken of their cat and buy them special meals to celebrate. Creative retailers can offer sales on other products for cat lovers, from new beds to soft blankets and special pillows. 

Cause for Celebration

There are several well-known holidays just around the corner like Columbus Day, Halloween, Thanksgiving and Christmas. But by celebrating and commemorating minor holidays on your website and in your physical store, you are connecting with your customers, keeping them involved, and bringing them back for more.

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As opposed to fiat currency, cryptocurrency is not connected to governments or central banks. Using a ledger system, cryptocurrency transactions are anonymous and decentralized. Bitcoin’s value, for example, is determined by demand and market supply at any given time, much like precious metals. Due to the fact that no government regulations apply to cryptocurrency and transactions are untraceable, there is a risk of abuse of the system for illegal activities including terror funding and drug trafficking.

Some advantages of using cryptocurrency for payments

Despite the risks, cryptocurrencies have several significant advantages as well:

• Lower fees

When utilizing credit and debit cards, and handling transfers, foreign transactions, false declines and many other types of financial activities, there are fees involved. These fees tend to mount up and become quite costly. Cryptocurrency payment gateways charge only 0.5 to 1% per transaction. Most cryptocurrency accounts that take the form of a digital wallet are free.

• No chargebacks

One of the major banes of credit card use for payments is chargebacks.The cancellation of credit card transactions by purchasers can be extremely costly for merchants. But when it comes to cryptocurrency transactions, the basic rule is that they cannot be reversed. 

• Securing personal data

Consumers are concerned about how retailers, service providers and financial institutions retain extensive amounts of sensitive personal data from an individual’s name, address and email to credit scores and net worth. When performing cryptocurrency transactions, data is converted into numbers, or cryptocurrency wallet addresses, so private information is not revealed. 

• Cross-border payments

Cryptocurrency payments are not classified according to countries. There are no cross-border fees, and no limitations on accessing funds. As banks and credit card companies are not involved, users can make payments, pay bills and shop independently.

More service providers and retailers are accepting cryptocurrency

Cryptocurrency acceptance is becoming more widespread among large service providers and retailers. AT&T recently became the first mobile carrier to accept bill payments in cryptocurrency. The Shopify ecommerce platform allows its merchants to accept Bitcoin payments through BitPay.

Microsoft permits users to deposit Bitcoin in their Microsoft accounts for the purchase of movies, games and apps in the Windows and Xbox stores. The large retailer Overstock has been accepting Bitcoins and other major cryptocurrencies since 2014. Paypal also allows merchants to accept Bitcoin through Braintree. There are many small businesses that are accepting cryptocurrency payments today.  

What lies in the future for cryptocurrencies?

Cryptocurrencies like Bitcoin lack basic stability because they are not a pegged currency. By nature, they are more like a commodity asset for trading like precious metals. Some enterprises (like Facebook) are introducing stablecoins which are pegged to certain currencies, thereby securely anchoring cryptocurrency. But this would stand in contradiction to the decentralized (and uncontrolled) nature of cryptocurrency.

COTI recently developed the world’s first DAG (directed acryclic graph) protocol for creating decentralized payment networks and stable coins. Other technologies are expected to emerge and innovate cryptocurrency norms. Time will tell what form cryptocurrency payments will ultimately take.   

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PSD2 (Revised Payment Service Directive) is a directive issued by the European Commission in order to fortify customer rights, facilitate competition in banking, and increase Internet payment safety via SCA (Strong Customer Authentication). The original European payment services directive came into force in 2007. The PSD2 directive expands considerably on the original version of PSD.

PSD2 in practical terms

The aim of the PSD2 regulation is to create open banking in EEA, while ensuring online payment security based on defined rules. For the first time ever, this directive authorizes bank customers to use the services of third-party providers through open APIs. Rather than rely completely on traditional banking services, PSD2 enables both customers and businesses to manage finances more conveniently and affordably via a wider choice of third-party providers.

Customers will be able to use various fintech services to analyze their spending, pay bills, take loans or make transfers, while their money is deposited in their bank accounts. European banks are obligated to create a system of open APIs that provide access to customer accounts. Third-party providers are authorized to provide financial services while using bank data.

PSD2 deadlines

The deadline for all EU member states to enact PSD2 into national law was  January 2018. Following the initial stage, two deadlines were stipulated:

• March 14, 2019

By March 14, 2019, all Account Servicing Payment Service Providers (ASPSPs) – which refers to any institution that provides and manages payments accounts – were supposed to have set up a testing or sandbox environment including APIs, support and documentation. The comcept was to provide a six-month period to test authorising payment services before the final date of implementation.

If a financial institution is incapable of setting up secure APIs independently, it can partner with a technological network with readymade API portals.

• September 14, 2019

The final compliance deadline is mid-September of this year. At this stage, SCA will be required as well as access to accounts (XS2A). SCA is a crucial element, which obligates customers to authenticate themselves by combining two out of the three following options:

• Something you have – using a device only available to the customer (such as a cell phone)
• Something you know – unique information (such as a PIN) only available to the customer
• Something you are – physical evidence unique to yourself such as facial or voice recognition
  

Optimizing the purchasing process

While robust security is vital, it is no less important for the merchant to ensure a frictionless user experience. To facilitate the process, some operators are adopting behavioral biometrics, which uses machine learning to analyze a user’s unique typing cadence, finger pressure or other personal parameters in order to ensure continuous authentication behind the scenes.

Other ways for merchants to ensure smooth purchasing processes include the use of e-wallet payment methods (which already include two-factor authentication), integration with payment platforms that optimize payment processing, and developing user-friendly mobile apps for seamless shopping experiences.