Pay.UK
Pay.UK is a UK retail payments authority, responsible for operating and managing key UK payment systems. It’s not a payment provider or bank itself but rather a regulated central infrastructure organisation that maintains the UK's critical payment schemes. Pay.UK imposes the rules for Bacs, Faster Payments, and the Image Clearing System for cheques (with Vocalink running services). It ensures secure, efficient, and reliable payment processing across the UK economy.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
