Regulation and Compliance
January 16, 2025
Simplifying the payment process has been a goal for merchants, banks, issuers, and payment processors for years. But this is no surprise, as statistics have consistently shown checkout abandonment being as high as 88%. The most frictionless payment systems are the ones that require little to no effort outside of clicking a button. Amazon is famous for this with their 1-Click patent, which saves card information and a personal address to a file. The main disadvantage with this is that a customer still has to register, including their payment details, which might make some skeptical.
A payment vendor which has solved the “single click to buy” problem in an arguably more elegant way is Klarna. They allow website owners to embed a payment form on their website where Klarna “magically” remembers all the customer details. This means that no specific user registration is required. However, with the stricter requirements from PSD2 today, the payment is often followed by a strong customer authentication (SCA), which introduces an element of friction, and surely inspires some users to abandon their shopping carts before paying.
Okay has focused heavily on the SCA aspect of the payment process. If the Okay SDK is used for authentication and is part of your payment app, then you will see just how much we have been able to fine-tune the user experience. Instead of requiring the user to open the app, we’ll send a pop-up notification that, when clicked on, automatically shows the transaction details within the secure execution environment embedded in the Okay SDK. To make the process even more frictionless, we recommend using biometric authentication, but with fallback to PIN if for some reason biometrics are not available. This makes the customer authentication process as simple as possible for the end user.
Read the full article at okaythis.com/blog.
Who is Okay?
Okay is the fully PSD2 compliant Strong Customer Authentication platform that provides transaction and authentication security to apps, shielding the entire authentication process from any threats. We help all issuers, remittance services, and e-wallet providers comply with PSD2’s SCA requirements to deliver multiple authentication methods, including biometrics and strong security mechanisms at the point of transaction. Want to get to know us better? Visit okaythis.com.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
