Burbank Pioneers the Future: World’s First Online Card-Present Transaction Unveiled!
Burbank, a frontrunner in payment technology innovation, has taken a giant leap forward by successfully executing the world’s first online card-present transaction. This groundbreaking achievement in digital payments is made possible through their innovative technology, known as Card-Present over Internet (CPoI).
Introducing Card-Present over Internet (CPoI)
In a live demonstration attended by industry leaders, payment executives, and technology experts, Burbank showcased CPoI, which aims to integrate the familiar tap-and-PIN payment method into the e-commerce space. This advancement is crucial as online merchants are grappling with over $40 billion in annual fraud losses and a staggering 69% increase in fraud rates each year.
The Need for Enhanced Security in Online Transactions
The demand for a secure and user-friendly payment method is more pressing than ever. CPoI addresses these issues by ensuring that both a physical card and a PIN are required, significantly reducing the risk of fraud and ensuring that only legitimate cardholders can complete transactions.
Benefits of CPoI for Consumers and Merchants
- Seamless Integration: Customers can tap their physical payment card against their mobile device and enter their PIN, mimicking the security and ease of in-store transactions.
- Fraud Prevention: CPoI eliminates the risks associated with storing card details online and reduces reliance on complex authentication processes.
- Reduced Chargebacks: Merchants can combat fraud effectively and improve transaction approval rates by minimizing false positives.
Reducing False Positives and Enhancing Customer Experience
One of the standout features of CPoI is its ability to prevent fraudulent transactions without relying on automated fraud detection systems that often decline legitimate payments. These false positives cost merchants approximately $443 billion annually and significantly deter customer loyalty.
Justin Pike, CEO of Burbank, emphasized the importance of this innovation, stating, “These erroneous actions cost merchants $443 billion per year, with 65 percent of blocked transactions being false positives. Worse still, 41 percent of affected customers never return to the retailer.” With CPoI, merchants can enable card-present payments online, eliminating the need for anti-fraud technology while enhancing the overall customer experience.
The Future of E-Commerce with CPoI
The introduction of CPoI is poised to transform the e-commerce landscape. By improving security, reducing fraud, and streamlining authentication, this technology has the potential to enhance consumer confidence and drive higher conversion rates for merchants. As digital commerce continues to advance, Burbank’s innovative solutions are paving the way for a future of online transactions that are safer, quicker, and more reliable.
For more insights on payment innovations, explore our related articles on payment solutions and payment technology trends.
