JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., and Checkout.com, the global payments processing platform, announces the next evolution of their partnership with the rollout of J/Secure™2.0 which is compliant with EMV® 3-D Secure (EMV 3DS) to Checkout.com’s merchants in the UK.
As Europe’s leading payment service provider for enterprises, Checkout.com is the first licensee partner in the UK to go live with J/Secure™2.0, JCB’s authentication program for card-not-present transactions. J/Secure™2.0 makes online commerce more secure by adding an important identification step in the online purchasing journey, which enables cardmembers to directly authenticate their card with the issuer.
In 2017, JCB and Checkout.com announced their merchant acquiring partnership across 36 European countries and the UAE. With the recent rise and demand for customers to move to online retail spend, JCB and Checkout.com have extended their collaboration in the UK to include EMV 3DS, in the form of JCB’s J/Secure™2.0 for ecommerce transactions going forward. EMV 3DS is a security protocol designed to provide an additional safety layer for online credit and debit card transactions to prevent fraud. According to the recent research by Checkout.com, the UK is losing more than $2 billion annually due to legitimate transactions being rejected as fraudulent purchases[1].
This platform will provide a safe and convenient gateway for JCB’s 140 million global cardmembers to process their online payments. In addition, it will enable retailers to reduce cart abandonment and serve as an opportunity for incremental sales from new target markets and customers. This will also further enable Checkout.com’s merchants to facilitate secure international card transactions, whilst boosting sales and reducing disputed transactions.
Read More: Project Equity Launches New Financing Option to Help Local Businesses Build for the Future
The ecommerce industries which will benefit from this solution include those in luxury retail, courier services, technology, and online money transfers, to name a few. With this extended partnership and the implementation of J/Secure™2.0, JCB and Checkout.com unlock the ever-growing ecommerce gateway to Asia for online retailers across Europe. JCB data shows that JCB cardmember spend in Europe from 2016 – 2019 increased by over 300 %[2], with the most prolific spending peaks being in the months of January, July and December in 2019[3].
Vladi Artopé, Head of Financial Partnerships at Checkout.com, commented: “We are pleased to be the first payment service provider to launch J/Secure™2.0 to merchants in the UK. The pandemic has accelerated trends that we have long witnessed in the shift to ecommerce. Our long-standing partnership with JCB ensures that merchants are able to securely welcome business from JCB’s 140 million cardmembers, providing a seamless checkout experience for consumers and increasing revenues for our merchants.”
Nick Fisher, General Manager, Sales and Marketing UK, JCB International (Europe) Ltd., said: “The expansion of our partnership with Checkout.com across Europe was driven by our established commitment to support ecommerce internationally. Additionally, online shopping is a trend which has seen a dramatic rise in recent months. This integration will allow us to streamline the digital payment journey for our cardmembers and to facilitate secure transactional exchange between our cardmembers and Checkout.com’s online retailers, especially as we move into the recovery and growth stages in the aftermath of the pandemic.”
Read More: CAIS Welcomes Angelo Gordon to SALT NY Alternative Investments Track
