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(TM) 2.0, JCB's authentication programme for card-not-present transactions. J/Secure(TM) 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(TM) 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.
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(TM) 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 Artope, Head of Financial Partnerships at Checkout.com, commented: "We are pleased to be the first payment service provider to launch J/Secure(TM) 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."
[1] 'Businesses will risk recovery unless $20 billion online payments hole is plugged', 2020 [Online] - https://bit.ly/3n6Tb1Z, (Accessed 24/07/2020)
[2] JCB Proprietary Data (May 2020) and JCB's "Ecommerce: Business Without Borders" Whitepaper
[3] JCB Proprietary Data (February 2020) and JCB's "Ecommerce: Business Without Borders" Whitepaper
About EMV(R)
EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo.
About JCB
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 36 million merchants across the world. JCB cards are now issued mainly in Asian countries and territories with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en/
About Checkout.com
Checkout.com empowers businesses to adapt, innovate, and thrive with the payments services they deserve. The company's technology makes payments seamless. Flexible solutions, granular data, and instant insights help global enterprises launch new products in new markets and create outstanding customer experiences. They provide the fastest, most reliable payments in more than 150 currencies, with in-country acquiring, world-class fraud filters and reporting, through one API. And they can accept all major international credit and debit cards, as well as popular alternative and local payment methods. Checkout.com launched in 2012 and now has a team of 1000 people across 17 offices worldwide, offering local expertise where it's needed. Find out more at www.checkout.com
Contacts:
JCB Press Office (JCB International/Europe)
Contact: India Stone
Email: istone@jcbeurope.eu
Phone: +44 020 7087 4754
JCB (Head Office in Japan)
Contact: Kumiko Kida, Ayaka Nakajima
Email: jcb-pr@jcb.co.jp
Phone: +81 3 5778 8353
Checkout.com Press contact:
Contact: Lewis Jones
Email: lewis.jones@checkout.com
Phone: +44 799 0068 671
Source: JCB
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