Monday, April 2, 2012

PCI and Mobile payment: Recent developments

Few days ago, PCI SSC announced a congressional hearing titled:  “The Future of Money: How Mobile Payments Could Change Financial Services". This series of 3 meetings will be held in the coming months, and will focus on the technology by which mobile transaction are conducted, and the potential security problems and the statutory changes that are necessary (the document).

But the marketplace is not waiting. In the meantime, e-commerce payment giant PayPal introduced "PayPal Here"- a new mobile payment solution which can turn any IPhone or Android to a POS, including a dedicated application and a credit card reader (with the same old 2.7% rate-per-transaction). More information here.

PCI SSC is clearly trying to follow the hectic pace of the mobile payment industry with the coming congressional hearing. The council had also stated earlier this year that mobile payment will be a primary focus for PCI DSS in 2012 and that official guidance will be released.

We can definitely feel the mobile payment hype here and everywhere, with many of our customers turning their efforts to mobile solutions and payment solutions in particular. Well, the marketplace will always have the upper hand when talking about delivering solutions, but we can be sure the PCI DSS will make proper adjustments eventually, judging by the recent updates.

Comsec will continue to be on the lookout for more official information and more guidance.