Author: Julie Campbell

Mobile payments PCI Security Standards Council introduces new guidance

| February 20, 2013

Mobile Payments SecurityInstructions have been released to help to decrease the risk associated with transactions in certain areas.

The Payment Card Industry (PCI) Security Standards Council has just released new merchant guidance to help to increase the security available while accepting mobile payments, which is an inherently risky area.

It is recommended that card acquirers and issuers, and banking institutions should apply this guidance.

These types of institution should help to provide this mobile payments guidance while assisting merchants with security in end to end transactions. This, according to Steve Kenneally from the American Bankers Association Center for Regulatory Compliance. He added that “Shining a spotlight on the need to improve payment security is always a great idea.” And said that “Providing specific recommendations on how to achieve a higher level of security is even better.”

The mobile payments environment must be made secure before consumers can be ensured that it is safe.

Kenneally said that his organization anticipates that the PCI guidelines will be able to be used as an additional important tool that can be used by acquirers in order to boost the security of transactions through merchants.

Among the mobile payments security issues that were addressed within this new guidance from the PCI Council are the following:

• Account data entry risks connected with smartphones and tablets, including the information transmitted through the devices as well as the data that is stored within those gadgets.
• The procedures that should be followed by merchants in order to make certain of the security on a physical and transactional level with the devices that are used for the acceptance of the mobile payments.
• Instructions for the various components that should be applied to the acceptance of the transactions, such as software, hardware, and the use of various different acceptance solutions, in addition to considerations regarding the relationship with the customer him or herself.

The PCI guidelines, said Kenneally, take into account that some of the qualities that make accepting mobile payments as appealing to merchants as it is can also offer opportunities to fraudsters. Therefore, it is very important to take specific and careful action to avoid risks as much as is possible.

Mobile payments at Visa to expand this year

| February 18, 2013

Mobile Payments VisaThe credit card giant intends to go mainstream with its service throughout this year.

Visa has unveiled its intentions to expand the use and availability of its mobile payments services to the point that they will become mainstream within 2013.

Its announcement claimed that the expansion of the systems is an “immediate priority” for the company.

The mobile payments that it has to offer are already working to help to bring the United Kingdom to the top spot in Europe. At the moment, Poland is in the lead in terms of the largest marketplace for transactions using a smartphone or tablet within the European Union.

Visa UK and Ireland have both made announcements regarding this mobile payments mainstream launch.

These were made by way of Marc O’Brien, the managing director of Visa UK and Ireland. He stated that the credit card company was making a series of different efforts that would lead to a mainstream launch of the mobile payments services.

O’Brien also went on to say that his company was currently working alongside the leading manufacturers of Android based devices, in addition to Vodafone and Telefonica. These partnerships are designed to help to established higher security standard levels through the NFC technology based transactions.

In 2012, the Olympic Games in London were used as a trial period for various types of mobile payments. Many of the participants were given smartphones that were enabled with NFC technology in order to boost the awareness related to mobile payments, and encourage its use. O’Brien explained that “Building momentum from the Olympic Games, we’re looking to roll out of the [contactless payment] cards and handsets this year.”

He went on to add that “We’re also working on a digital wallet for cloud-based e-commerce and that’s coming here too this year.” Data from Visa has shown that only 17 percent of the smartphones owned in the United Kingdom are equipped with the NFC technology required for the Visa mobile payments system. However, the company believes that by 2017, that figure will have climbed considerably, to reach 70 percent. It is hoped by the company that this will help to overcome some of the considerable hurdles that it has faced in its trials so far.