Finartz has added a new one to the innovative solutions it has developed by focusing on the changing needs in payment technologies.
Papara, which makes financial services easy and accessible for everyone with its user-oriented solutions, started to verify cardholders with mobile notification via the Papara application for e-commerce payments with Finartz ACS. With the collaboration for secure payment solutions in e-commerce, transaction success rates in the user verification process increased by 5% to 87%.
Balance of Security and User Experience
With the collaboration between Papara, which has reached over 18 million users, and Finartz, one of Turkiye’s fastest growing fintech companies, sending mobile notifications via the Papara application instead of a single-use SMS code was determined as the priority method for users to verify themselves. By offering a faster, safer and user-friendly verification process compared to SMS codes, users’ transaction process has become easier. Users were enabled to carry out their transactions in a more reliable environment. It is aimed to reach 90% in transaction success rates by pre-examining situations that may negatively affect the uninterrupted verification flow and taking actions.
In the coming period, the first trials of an uninterrupted payment experience are expected to be made with the risk-based verification method that eliminates additional verification steps. Risk-based authentication, powered by Finartz 3D Secure, uses risk calculation technology instead of requiring user verification, while avoiding additional verification steps, which is the main reason for the increase in shopping cart abandonment rates.
While card payments become secure with Finartz’s EMV-certified Access Control Server (ACS) product, which enables user verification in card payments, verification can be provided through customized mobile notifications for risky transactions. Finartz, a pioneer in the industry in compliance with data security standards and protection of sensitive data, ensures compliance with PCI DSS, PCI 3DS and local and regional regulations with its ACS product.
Source: Egirisim / Prepared by Irem Yildiz