UATP, the global network enabling organizations to simplify payment processes and expand their payment capabilities, announced a strategic partnership with Burbank, a pioneer in next-generation payments technology behind the world’s first Card-Present over Internet (CPoI®) technology. Through this partnership, UATP will offer the CPoI® solution to airline merchants to securely process card-present transactions in online channels.
Online merchants face significant payment processing challenges, experiencing more than $40 billion annually in fraud and chargebacks. Payment fraud is growing at an alarming rate of 69% per year, with chargebacks increasing by 52%. Even more costly are false positives, where legitimate transactions are incorrectly flagged as fraud, costing merchants $443 billion per year with 65% of blocked transactions being false positives.
Burbank’s CPoI® technology directly addresses these issues by turning every mobile phone into POS devices, significantly reducing fraud and improving authorization rates, typically 5-10% higher with card present than card-not-present transactions. Beyond preventing fraud, CPoI® creates new revenue opportunities for merchants by eliminating false positives.
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“This partnership reflects UATP‘s commitment to working with leading payment innovators to meet the evolving needs of our Merchants” said UATP President and CEO, Ralph Kaiser. “By combining our payment processing expertise with Burbank’s groundbreaking CPoI® technology, we are delivering a solution that meets today’s market demands while creating significant cost savings and revenue opportunities for Merchants.”
With CPoI®, online shoppers simply tap their payment card against their own mobile device and securely enter their PIN to complete payment, just as they do in-store. The physical card and PIN confirm the true cardholder’s identity, significantly reducing the opportunity for fraud. The transaction is then processed as a traditional card present transaction for the merchant. This approach provides customers with the highest level of protection when shopping online while making the experience as familiar and trusted as in-store payments.
“Through CPoI®, we’re synchronizing in-store security capabilities with digital payment systems. Our goal is to transform online commerce by drastically minimizing fraud and eliminating false positive, challenges consistently hurting businesses’ revenue,” stated Justin Pike, CEO of Burbank. “CPoI® will expand online shopping accessibility to a broader customer base, providing superior transaction protection while enhancing merchant fraud prevention standards.”
SOURCE: PRNewswire