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Verified by Visa

Visa’s secure online payment solution – it’s time to sign online

What is Verified by Visa?

Verified by Visa is an easy to use password protected service that verifies a cardholder’s identity whilst shopping online. Quite simply, it requires the cardholder to provide a personal password when paying for goods online with their Visa card just as they would provide a PIN or signature on the high street. Verified by Visa provides proof that a genuine cardholder and a genuine Visa retailer are taking part in the transaction,
protecting them against the risk of their card being used fraudulently on the internet. For the retailer it provides a guarantee that the cardholder is who they say they are and reduces the likelihood of fraudulent transactions.

How does Verified by Visa work?

The cardholder can signs up for Verified by Visa either by signing up when shopping online when prompted by their issuing bank during the online buying procedure or with their bank through a simple one-off registration procedure. They will be asked by their bank to answer a series of security questions, to select a password to authenticate themselves and a secret phrase which will be displayed during the verification process to let the cardholder know they are dealing with a legitimate retailer

• Once signed up the cardholder can shop with confidence at any participating online store
• When shopping online, the cardholder selects the goods and services they wish to purchase and goes to the checkout page
• They enter their Visa card number and a pop up screen from their bank appears asking for their password
• Their bank verifies the password is authentic and the transaction is completed giving the retailer and the cardholder the confidence that the identity of each party has been authenticated

Why was it introduced?

Verified by Visa has been developed in response to real customer demand. According to Visa’s own research, 76% of customers said they wanted a password protected system to enable them to shop on the Internet with total peace of mind.
More than 70% of consumers have admitted that they would buy on the Internet more often with Verified by Visa. There is also evidence to suggest that Verified by Visa is actively stimulating e-commerce - 90% of those who have never shopped online say they would with Verified by Visa.

How widely is it being used?

Currently there are 12 million UK cardholders enrolled in Verified by Visa in the UK.
Across Europe there are 23 million cardholders enrolled.
1 in 4 online UK transactions are Verified by Visa transactions.
1 in 4 online European transactions are verified by Visa transactions
The average transaction value for Verified by Visa transactions is higher that for non-Verified by Visa transactions indicating that cardholders feel more confident spending significant amounts over the Internet when they are protected by Verified by Visa.
There are over 14,000 online merchants signed up to Verified by Visa in the UK including Ocado, Tesco, NEXT, BA.com, John Lewis.com, Dixons, Dabs.com, Opodo.com, Dell
Across Europe 66,000 retailers are signed up to Verified by Visa including Carrefour, Otto, Dress for less and pixmania.com.
Further details of the retailers currently signed up to the Verified by Visa system are available from the Visa website. http://visaeurope.com/iusevisa/goshopping.html

How does Verified by Visa benefit the retailer?

E-commerce transactions are typically eight times more likely to be disputed than a face-to-face transaction. Without Verified by Visa this can be very expensive for retailers. Retailers who sign up to Verified by Visa are protected against liability if the cardholder denies making the purchase, even if the issuer and cardholder are not participating in the scheme.

How does Verified by Visa benefit issuing banks?

By reducing fraud, Verified by Visa saves costs. In addition it is helpful for income generation as consumers are more likely to spend over the Internet and spend more per transaction. For a demonstration of the Verified by Visa product visit the Visa website at http://www.visaeurope.com/personal/onlineshopping/verifiedbyvisa/howitworks.jsp

For more information contact:

Lorraine Pitt
Visa Europe - Corporate Communications
+ 44 (0) 207 795 5291