The details of changing security solutions can be confusing, not least because of the proliferation of terms and abbreviations with specific payment-industry meanings. Here are some industry terms and acronyms that can help define and explain the components of multi-layered security:
According to research firm Smart Insights, the mobile point of sale (mPOS) market is expected to grow to 52M units deployed by 2018, representing a CAGR of 40 percent for the period 2013-2018. Much of this growth will be driven by mPOS adoption in emerging markets. The Smart Insights study predicts that by 2018, there will be 25 million mPOS units in Asia Pacific alone.
One of the biggest buzzwords in commerce today is omni-channel. In the simplest terms, omni-channel means that no matter which channel is the touch point of the moment to the consumer – a payment terminal in a store, an online storefront, or a retailer’s app on a mobile device – their experience should be seamless, streamlined, secure and optimized for the needs of each channel.
In most other countries, card-present fraud has been virtually eliminated by the widespread implementation of EMV; as a result, that fraud has moved to the U.S., where magnetic stripe technology prevails. Adopting EMV will require operational changes for the Issuer, the Merchant, the Processor and the Acquirer. Here are a few of the things everyone in the industry should understand about implementing EMV:
Magnetic stripe data is static – the same information is sent on every transaction. Because magnetic stripe cards have no reliable means of authentication, cardholder authentication is limited to:
In a twist that has been noted in the media and by many industry observers, more e-tailers—those merchants that began online—are starting to open physical stores.
