In today’s smartphone-obsessed world, our attention spans are at an all-time low. When we pay for the things we need, we want the transaction completed quickly so we can move on to the next item on our to-do list. It’s no surprise then that mobile payments are growing to keep up with that demand. Mobile payment processing has become a necessary component to meet demand and will continue to evolve and grow.
According to Apple Insider, by 2020, both Visa and Mastercard have stated that they will require payment terminals in many markets to offer contactless payments. This will not only encourage businesses to embrace the new technology surrounding payments, but will give the consumer more options to pay.
While these increased payment options will make our lives much simpler, what do they offer in the way of protection? How will our information be kept safe amid the miscreants that seek to steal our livelihood?
If the retailer you utilize is using a great mobile payment processor, they should have the option to increase their fraud protections through risk management assessments and performance audits that ensure they are keeping their consumers protected. Consumers are also protected by PCI Compliance, which entails a set of requirements that enhance protections.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment, which essentially means any merchant that has a Merchant ID (MID). The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006, to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with a focus on improving payment account security throughout the transaction process. The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB).
This, combined with the fact that many banks offer zero-liability protection that will keep you covered if your card is used for fraud, makes mobile payments safe.
Payscout is a global payment processing provider covering six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. We are experienced in assisting the nonprofit community. Payscout makes it easy to simplify and manage payment processing so you can quickly put donations to work at your organization. Payscout will streamline the donation process for you whether you accept donations online, onsite, or via mobile. We can even keep your utilities on track with utility payment processing.
Embrace technology and go mobile at www.payscout.com