Industry Benefits
The rising cost of card-not-present fraud impacts every tier of payment schemes. There are obvious benefits to consumers & merchants but the HomePay solution also brings multiple benefits to industry stakeholders.
- Reduced card-not-present fraud could allow current fraud prevention staff to be redeployed
- HomePay leverages existing industry infrastructure
- Card issuers already have a contractual relationship with the cardholder meaning fewer communication & logistical problems
- Third party payment facilitators become less relevant
- Margins rise for banks, other card issuers, PSPs & acquirers
- Cost effective delivery of multi-factor authentication system for secure eCommerce & home banking
- Some emphasis on fraud detection shifted to the consumer
- Risk management strengthened
- EMV compliant terminals
