Burbank, a leader in payment technology innovation, has successfully conducted the world’s first online card-present transaction, marking a major breakthrough in digital payments.
The company, based in Wales, unveiled its pioneering technology, Card-Present over Internet (CPoI), during a live demonstration attended by payment executives, technology experts, and industry leaders, according to FF News.
The launch of CPoI aims to bridge the gap between in-store and online transactions by bringing the familiar tap-and-PIN payment method to e-commerce.
With online merchants facing over $40bn in annual fraud losses and an increase in fraud rates by 69% per year, the need for a more secure and user-friendly payment method has never been greater.
CPoI addresses these challenges by requiring both a physical card and PIN, ensuring only genuine cardholders can complete transactions.
Burbank specialises in developing cutting-edge payment solutions that enhance security and convenience for consumers and businesses alike.
The company’s latest innovation, CPoI, is set to redefine online payments by making them as seamless and secure as in-store transactions.
CPoI allows customers to tap their physical payment card against their mobile device and enter their PIN, replicating the security and ease of an in-store purchase.
This eliminates the risks associated with storing card details online and reduces reliance on complex authentication processes.
Additionally, the technology helps merchants combat fraud, minimise chargebacks, and improve transaction approval rates by eliminating false positives.
One of the key benefits of CPoI is its ability to prevent fraudulent transactions without the need for automated fraud detection systems, which often mistakenly decline legitimate payments.
These false positives cost merchants approximately $443bn annually and deter customers from returning. By removing these barriers, CPoI enhances the overall shopping experience for both consumers and businesses.
Burbank’s CEO, Justin Pike, highlighted the significant advantages for merchants, stating, “These erroneous actions cost merchants $443bn per year, with 65 percent of blocked transactions being false positives. Worse still, 41 percent of affected customers never return to the retailer. With CPoI enabling card-present payments online, merchants no longer need anti-fraud technology, effectively eliminating false positives and improving the customer experience, whilst costing the merchant nothing to deploy.”
The introduction of CPoI is expected to have a lasting impact on the e-commerce landscape. By improving security, reducing fraud, and streamlining authentication, this innovation has the potential to boost consumer confidence, drive higher conversion rates for merchants, and make online shopping more accessible for all users. As digital commerce continues to evolve, Burbank’s technology is paving the way for a future where online transactions are safer, faster, and more reliable than ever before.
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