Emerging Technologies And The Changing Payment System Trust Model

Richard Hite, VISA

Stevenson Hall 1300
12:00 PM - 12:50 PM

The value of the Visa brand is its acceptance as a de facto global currency; i.e., the best way to pay and to be paid. A major factor in the acceptance of Visa branded cards is the merchants "trust" that if the CVM is correctly performed, i.e., the merchants perform their responsibilities as required by the Visa International Operating Rules (VIOR), the merchant will be reimbursed by the Acquirer for those transactions. The Acquirer, on the other hand, trusts that the Merchant has performed the necessary steps to validate the authenticity of the cardholder. When the merchant fails in this responsibility, the bond of trust between the merchant and the Issuer is broken along with trust relationships that make up the remainder of the transactional trust chain. New technologies based on integrated circuit cards and cryptography are being used to secure these trust relationships.