The rise of ‘tap-to-pay’ payments made using smartphones is showing no signs of slowing down. It is estimated that mobile payments will amount to $14 trillion by 2022. To keep up with this trend, banks and issuers must be proactive in offering solutions that suit the evolving needs of their customers. Achieving total security is impossible, for any implementation, but integrating strong security measures make it harder for hackers to infiltrate applications and obtain sensitive data.
Last month, we visited Singapore for Global Mass Transit’s (GMT) annual Transit Ticketing & Fare Collection APAC conference. Rapidly becoming the event in the APAC transit industry’s calendar, this year’s show didn’t disappoint.
Smartphones are central to our daily lives. We manage our personal and business affairs, watch movies, track our health and, increasingly, make payments. Adoption of mobile payments is rising considerably worldwide, with predictions estimating it’ll be the second most popular way to pay by 2022.
As data breaches continue to rise globally, protecting the integrity of customer data (especially in the payments world) is vital. One essential security standard helping keep such data secure is PCI DSS – an information security standard for organizations that handle cardholder data. But aligning with the standard can be complex, time consuming and costly. And, as result, many payments stakeholders are becoming complacent about compliance.
Since the launch of contactless just over a decade ago, innovation in payment cards has struggled to keep pace. While card payments themselves have steadily risen, in an increasingly mobile and digital age, many are already predicting the death of the card.
Standardization is prolific in any digital sector and the payments world is no different. However, despite the existence and widespread adoption of global payment standards, we’ve still yet to achieve true standardization. This is a pertinent and complex issue for today’s market. But what are the complexities making interoperability such a priority? And how can we achieve harmonization in payment standards?
As services across transport ticketing, payment, loyalty and more increasingly converge, mobility service stakeholders are presented with a number of new opportunities to deliver better services, form partnerships and enhance revenues. But for many, the costs and complexities of upgrading legacy systems can slow innovation.
At the end of last month, two major technology events took place in Asia. The first was Seamless Asia, which focused on the future of finance and commerce. The second, MWC Shanghai, centred around ‘Intelligent Connectivity’ – bringing together topics from 5G to AI. The events may have had different focuses but the key trends in Fintech echoed across them. So, what can we take away from two of the biggest technology events in Asia?
Open banking isn’t just a European pursuit. For those under PSD2 - the European regulation mandating banks to open-up their back-end to third-parties – the urgency to deliver these services is clear. But players further afield shouldn’t avoid joining the trend or championing the real objective of PSD2 in their strategy – facilitating more valuable and engaging consumer experiences.
As worldwide card fraud continues to rise, it is fundamental that the payments industry steps up to the challenge to prevent further data breaches and losses. One of the key elements of keeping data secure is PCI DSS compliance. The security standard has been around for a long time. But, shockingly, not all payments actors take it seriously. So, what is PCI DSS and why is it so important?