UPDATE: Visa, Mastercard, AmEx Announce Deal for Online/Mobile Shopping Standard

Visa

, MasterCard

and American Express

today introduced a proposed framework for a new global standard to enhance the security of digital payments and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device. According to an August 2013 report from the U.S. Census Bureau, roughly six percent of all retail sales today are conducted digitally, up nearly 200 percent since the first quarter of 2004. As the number of digital transactions has increased, so has consumer demand for increased protection of their payment information. A host of industry activities, led by issuing and acquiring financial institutions, have already been