Burbank Launches Tap-and-PIN Payments for Secure Online Transactions

Welsh fintech Burbank has introduced Card-Present over Internet (CPoI), a payment solution that brings tap-and-PIN transactions to e-commerce to combat card-not-present fraud. With CPoI, online shoppers tap their payment card against a mobile device and enter their PIN, mirroring in-store transactions for enhanced security.

CEO Justin Pike highlights the platform’s potential to eliminate false positives and reduce fraud, addressing a $40 billion annual loss in chargebacks and a staggering $443 billion lost to falsely declined transactions. Research shows that 41% of affected customers never return after a false decline, making fraud prevention critical for merchants.

Burbank aims to bridge the gap between digital and in-store payments, ensuring greater inclusivity and security while setting a new standard for e-commerce transactions.