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Balancing Customer Needs and Security in Digital Commerce | G+D and Netcetera | Money20/20 Europe
In our latest Money20/20 interview with Giesecke+Devrient, we speak to Olivier Sery and Netcetera Head of Business Development, Christopher Omloo about what it takes to elevate digital commerce.
One of the key challenges facing this trillion dollar industry is the increased need to offer a diverse array of payment methods whilst also combatting fraud.
As our guests explain, it’s a balance that can be struck with the use of key technological advancements such as tokenization, improved authentication, and further solutions that G+D, together with their digital powerhouse Netcetera can provide.
E-commerce’s unstoppable growth
Sery, who is Global Head of Digital Solution Sales at G+D, first shares his insights on the pivotal trends and innovations shaping digital commerce. He points out that the landscape has evolved rapidly since the onset of the pandemic, now handling trillions of dollars annually. This evolution has also resulted in a fragmented market with an increasing number of payment methods available. Merchants face the challenge of balancing the need to offer diverse payment options while maintaining security and minimizing fraud. G+D addresses these challenges with various solutions designed to streamline the checkout process and protect against fraud.
We also hear about the technological advancements aiding this balance in the realm of ecommerce PayTech. Tokenization has been one such development, enabling payments through devices like watches and phones by securing sensitive information against breaches. Authentication remains crucial, ensuring that the person making the payment is indeed the authorized user. Click2Pay, another innovative solution, facilitates the use of digital wallets, enhancing the ease and security of online transactions.
Big partnerships in the digital commerce world
Adding to this, Omloo discusses the role of artificial intelligence in fraud management. AI technology is increasingly used to provide real-time analysis and mitigation of fraud attacks, thereby enhancing security measures. Additionally, the development of secure payment confirmation standards, such as those based on FIDO and public key cryptography, is improving the seamlessness and security of transactions. These advancements are crucial in maintaining consumer trust and promoting the widespread adoption of digital payment methods.
Finally we hear some success stories that illustrate the effectiveness of their solutions in optimizing digital commerce payments. One notable example is their work with Global Payments Europe, a long standing customer, who is using their 3DS (Three-Domain Secure) technology. This partnership has expanded to include the implementation of Click2Pay and network tokenization, showcasing a mature and robust payment system that appeals to issuers, acquirers, and merchants alike. These advancements underscore the readiness of the digital commerce ecosystem to adopt and benefit from cutting-edge payment technologies.
Find out about all this and more in this great interview.
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