What is SRC 2.0

SRC 2.0 (Secure Remote Commerce 2.0) is an industry-standardized online payment method designed to simplify digital checkout processes, providing consumers with a consistent and secure experience across different websites and devices.

SRC 2.0 was developed by EMVCo—a consortium including major card networks like Visa, Mastercard, American Express, and Discover—to address the complexities and inconsistencies of online payments.

Key goals of SRC 2.0 include:

• Streamlined Checkout: Offers customers a simplified, consistent checkout experience across different e-commerce sites.
• Improved Security: Enhances payment security by reducing the exposure of sensitive card information, leveraging tokenization, and incorporating advanced authentication methods such as passkeys and biometric verification.
• Cross-platform Support: Ensures seamless, secure payments on desktops, mobile devices, and apps.
• Reduced Cart Abandonment: Provides frictionless checkout processes to increase successful transactions and minimize user drop-offs.

SRC 2.0 enables merchants to offer an easy-to-use, highly secure payment solution, boosting customer confidence and loyalty while significantly reducing fraud risks.

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Online commerce has exploded in popularity, but traditional online checkouts often create friction, confusion, and security risks. Consumers encounter inconsistent payment experiences, complex checkout processes, and concerns about data security, leading to cart abandonment and lost sales. To resolve these issues, EMVCo developed Secure Remote Commerce 2.0 (SRC 2.0), an enhanced and secure online checkout standard.

SRC 2.0 provides a streamlined checkout through a unified digital wallet-like experience. The basic SRC 2.0 workflow includes:

1. Enrollment & Setup: Customers enroll their payment cards once into a centralized SRC wallet provided by their bank or payment network.

2. Checkout Initiation: On e-commerce sites supporting SRC 2.0, customers choose the SRC checkout button (often branded as Click to Pay) instead of manually entering card details.

3. Secure Authentication: SRC 2.0 securely verifies the cardholder’s identity through advanced authentication methods, including biometrics, device verification, or increasingly, passkeys, for seamless and highly secure validation.

4. Transaction Processing: Transaction details are securely transmitted using tokenization, significantly reducing risks associated with transmitting sensitive card data.

5. Confirmation & Completion: After successful authentication, the payment is processed, and the transaction completes instantly, with minimal friction or effort from the customer.

SRC 2.0 employs state-of-the-art technologies to enhance security and UX in online commerce:

• Tokenization: Sensitive payment data like PAN (Primary Account Number) is replaced by unique, transaction-specific tokens, dramatically decreasing the exposure of real card information.

• Passkey Integration: Incorporating passkeys ensures a secure, passwordless authentication experience. Passkeys eliminate phishing risks associated with passwords, enhancing trust and user satisfaction.

• Biometric Authentication: SRC 2.0 leverages biometrics (fingerprints, face recognition) to quickly and securely verify users, significantly improving the checkout experience.

Implementing SRC 2.0 provides distinct benefits:

• Merchants:

  • Higher transaction completion rates due to simpler checkout processes.
  • Reduced fraud losses thanks to enhanced security methods.
  • Improved customer loyalty through a consistent, trustworthy checkout experience.

• Consumers:

  • A faster, simpler checkout process across multiple online retailers.
  • Enhanced security and protection from identity theft or fraudulent charges.
  • Reduced frustration and complexity compared to traditional checkouts.

With SRC 2.0, both consumers and merchants benefit from a secure, seamless, and universally accepted digital payment experience, setting new standards in e-commerce.

SRC 2.0 simplifies and secures online payments by providing consumers a consistent, frictionless checkout experience across different websites and devices.

SRC 2.0 standardizes the online checkout process, eliminating the need for customers to repeatedly enter card details and enhancing security through tokenization and advanced authentication like passkeys.

SRC 2.0 was developed by EMVCo, an industry consortium owned by major global payment networks, including Visa, Mastercard, American Express, and Discover.

SRC 2.0 utilizes tokenization to protect sensitive card data, and it integrates secure authentication methods like biometrics and passkeys, significantly reducing the risk of fraud.

Passkeys eliminate vulnerabilities associated with traditional passwords, improving checkout security, reducing transaction abandonment, and providing customers with a secure, frictionless experience.