The Visa Digital Commerce Program is focused on making digital payments safer, faster and easier for shoppers. The program, which is currently comprised of Visa Secure Remote Commerce (Visa SRC) and Visa Token Service (VTS), aims to cover all digital transactions where a card is not physically presented, including unique transactions, stored card, and recurring payments. As the Visa DCP evolves, providers will be able to submit SRC solutions for certification by Visa, including solutions for Digital Terminals, Digital Card Facilitators, Token Requestors, and Token Requestor-Token Service Providers.
Visa Secure Remote Commerce (Visa SRC): Based on the EMVCo Payment Tokenization Standard, Visa SRC aims to provide a standardized, secure and frictionless card payment experience by simplifying the collection of payment details from consumers where a stored card is not being used for the digital transaction. Visa SRC transactions can benefit from the security of the Visa Token Service, and together these services will form the foundation of Visa's digital payment experience.
Visa Token Service for Card-Not-Present: Built to meet the EMVCo Payment Tokenization Standard, the Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers and expiration dates, with a unique digital identifier (a "token") that can be used for payment without exposing a cardholder's more sensitive account information.
Based on the EMV SRC Specification, Visa DCP aims to enable consumers to access their cards through a simple, password-less experience that is consistent across participating merchants.
Based on early trials, conversion for password-less experiences in VDCP could be as high as 92 - 94% vs. today's conversion rates for merchant guest checkouts. Merchants can also choose to save the consumer's account on file.
In addition to enhancing security, the program will offer the capability for participating financial institutions to seamlessly update expired or compromised payment credentials, eliminating a significant point of friction for consumers and merchants.
The program can simplify integration, thereby lowering costs, and enable more scalable innovation across form factors through the integration of digital platforms and IoT innovations. It helps lay the groundwork for future innovation such as the emergence of in-home devices, augmented and virtual reality, and other new payment contexts.