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Payments firms have introduced buy buttons to streamline the online checkout process, but so many have done so that it can have the opposite effect.
This led companies to introduce buy buttons so consumers could skip the cumbersome, labor-intensive steps required to input contact and payment information online, and to allow them to shop online more freely.
But the array of options has become overwhelming. Firms such as Mastercard, Visa, Apple, Amazon, Walmart, point-of-sale (POS) financing providers, and many more have developed buy buttons for their payment methods. This glut undercuts the convenience buy buttons are meant to introduce, as consumers don’t know which option will be available where, and they must search crowded checkout pages for their desired option.
To address this problem, the major card networks have joined to introduce Secure Remote Commerce (SRC), which will provide a singular consistent buy button. EMVCo — which is owned by American Express, Discover, JCB, Mastercard, UnionPay, and Visa — developed SRC specifications, resulting in a standardized buy button and payment process that can be deployed by any merchant and accept credit and debit card payments from the six card networks.
The consistency that the SRC-powered buy button can provide for consumers, which has been compared to the way in-store terminals accept payments from numerous networks, may remove the issues created by the overcrowded buy button market and transform the online retail payment process.
In The Buy Button Report, Business Insider Intelligence lays out what SRC and its buy button are, how the button works for both …read more
Source:: Business Insider