EDCR 2.0 - Shaping the Future of Commerce in CEMEA
The future of commerce in CEMEA is evolving driven by advancements in technology and digital transformation. The region is experiencing a surge in digital adoption, with a growing number of consumers and businesses embracing e-commerce and digital payments.
We're also witnessing a growth of next-generation consumer experiences that leverage emerging technologies to drive differentiated experiences. At Visa, we're constantly innovating to improve the digital payments ecosystem through new technologies and solutions that enhance speed, security, and convenience. We play a pivotal role in enabling the ecosystem’s readiness through requirements that pave the way for clients and merchants to effectively navigate today’s evolving payment landscape.
A roadmap for readiness
In 2018, we introduced the Visa Enabling Digital Commerce Roadmap (EDCR), which aimed to transform payment infrastructure and ensure that our clients and partners were adequately prepared. We set a five-year timeline for issuers and acquirers across CEMEA to universally adopt core capabilities, which empowered them to step into the role of leading payment providers in the CEMEA region. One example of that is the contactless requirement, which resulted in a significant increase in contactless penetration, from 4% in 2017 to 86% in 2023. This also improved customer experience by offering convenience and quicker checkout for face-to-face payments.
To further accelerate the evolution of the payment ecosystem in CEMEA, we recently launched EDCR 2.0 which provides a roadmap and long-term view for banks to ensure the readiness of their infrastructure for cutting-edge payment solutions and experiences. EDCR 2.0 includes 8 sets of requirements grouped under four strategic themes:
- Next-Generation Consumer Experience: Driving differentiated cardholder experiences through the enablement of innovative solutions and benefits.
- Faster Payments Digital Infrastructure: Evolving the current infrastructure to help enable new and faster payment experiences and settlement.
- Integrity of Network and Ecosystem: Maintaining processing integrity to foster higher approval rates and facilitate enabling effective reporting.
- Cutting-Edge Risk & Fraud Management: Managing existing and potential risks across the ecosystem to help maintain low fraud rates.
In this EDCR 2.0 content series from May - August, Visa Navigate will be providing deep dive content on each of the four strategic themes above to provide further detail around how each of the eight new sets of requirements will help tackle current challenges in the payment ecosystem and enhance the user experience for both cardholders and merchants.
Hear more from Visa's Godfrey Sullivan and Dan Baxter on the opportunities of EDCR 2.0 here.
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