The Internet and online shopping have both experienced phenomenal growth during the past several years. While e-commerce has enjoyed triple digit annual growth rates, many of the issues impacting full adoption of online shopping have not been adequately addressed.
Security remains a significant topic of debate.
Despite becoming more comfortable with buying goods and services over the Internet, cardholders still fear the misuse of the debit or credit card data and other personal information. Evidence shows that security concerns contribute to the fact that approximately two-thirds of electronic shopping carts are abandoned prior to the completion of the purchase process. Such concerns have motivated the financial services industry to develop solutions that allow customers to conduct online shopping in a safe and secure environment. These solutions need to be cost effective, or will never reach full support from banks, credit unions and other financial institutions. In the online environment it is critical to create an interpretable environment for the safe and secure use of debit and credit cards.