SRC aims to streamline ecommerce checkout and to standardise the ecommerce experience for customers and sellers across platforms, devices, and payment methods. This is especially appealing to card network and merchants looking improve online sales in the US ecommerce space, according to Business Insider.
The current fragmentation in the payment process at the checkout is compounded by the need to re-enter payment and shipping information, which disproportionately impacts customers buying on mobile devices with smaller screens and slower connections.
Moreover, Mastercard announced the Digital Wellness Program, which leverages the standard. The service is targeted at small businesses and leans on SRC to enable a standardised checkout experience that is device- and payment method-agnostic. Similarly, Amex and Discover announced offerings in the works as well.
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