At this time of year, retailers and consumers are gearing up for one of the most anticipated events in the retail calendar– Black Friday. Once reserved for just a day, Black Friday has evolved in to an almost week-long shopping opportunity, ending on Cyber Monday. Eagerly anticipated seasonal discounts start earlier each year giving consumers ample opportunity to grab a bargain.
David Poole, Global Head of Mobile POS Solutions, MYPINPAD.
Troy Leach, the Chief Technology Officer at the Payment Card Industry Security Standards Council (PCI SSC) recently announced the creation of a new, major, payment standard, designed to enable the secure entry of PIN in to merchants’ smartphones and tablets.
Expected to be published by the end of the year, the ‘PIN on Mobile’ (PoM) standard will provide a crucial benchmark for facilitating a software-based approach for protecting card PIN entered directly in to consumer-off-the-shelf (COTS) devices for payment authentication. Read more
MPs and fraud prevention groups have recently raised concerns over the policies of some banks after an investigation found that in-store card payments were being accepted without a PIN. During the investigation by The Daily Telegraph, it was found that cardholders were able to make payments with just a signature, if they did not know their PIN.
MYPINPAD has been shortlisted for the ‘best in-store payments solution’ award at the prestigious Payments Awards for MYPINPAD’s PIN Entry Solutions (MPES). MPES is part of MYPINPAD’s Merchant Trust Solutions (MTS), developed to enhance and expand the current mPOS market.
Last week Apple launched its most expensive iPhone ever, the iPhone X. However, things didn’t go smoothly for the tech giant during its first ever public demonstration. When Apple Executive Craig Federighi attempted to unlock the device using the company’s new Face ID feature, which scans a user’s face to ensure only they can unlock their phones, the attempt failed, promoting Federighi to input a traditional PIN code (and forcing him to switch to a backup phone). Read more
The Payment Card Industry Security Standards Council (PCI SSC)’s Chief Technology Officer Troy Leach recently divulged news of a new payment standard; one that enables the secure entry of PIN into merchant’s smart devices. The organisation aims to publish the final version by the end of the year.
Fraud figures continue to rise year on year. A report by Juniper estimates the cost of cyber-attacks is set to reach $2.1 trillion globally by 2019. According to Symantec, an authority in cybersecurity, 80% of data breaches could have been averted with two-factor authentication (2FA), a recommended best-practice for protecting sensitive data. 2FA is also sometimes required by law when handling and accessing certain types of information, such as Federal Government data and systems in the US, bank accounts, and, soon, due to implementation of the Second Payment Services Directive (PDS2), all online payments across the European Union (EU).
The retail industry is about to experience another leap forward in terms of payments mobility and in-store experience. PIN on Mobile (PoM) has recently entered the UK and, unlike previous mPOS solutions, it enables cardholders to enter their PIN directly into the merchant’s tablet or smartphone, rather than an external device or dongle. This development enhances many of the common benefits of mPOS, including in-store productivity, improved customer experience and reduced costs.
It is estimated that of the five million SME businesses in the UK, only half accept card payments. Many small and medium high street retailers still struggle with the fees, resources and technologies associated with mPOS terminals.
It has been predicted that cash usage will be eclipsed by debit cards and contactless payments by 2021, and that 78% of all UK retail spending is already done via a card. As a result, it is becoming clear that SME retailers must be able to accept card payments if they are to meet customers’ demands for a cash-free shopping experience.
MYPINPAD – LONDON
1 Canada Square
London, E14 5AB
Office Tel: + 44 (0)203 757 6317
MYPINPAD – CARDIFF
3 Assembly Square
Cardiff CF10 4PL
Office Tel: + 44 (0)2920 674437
MYPINPAD – ASIA
21/F Gloucester Tower
15 Queens Road Central