The mobile payments industry and online digital payment industry will expand in the coming years owing to the infrastructure becoming more robust. Let's have a look at some of the emerging trends in the payment security platform for 2020.
FREMONT, CA: 2020 is filled with surprises. Some of them are very obvious and some less so. In the payments security platform, it's entirely about user convenience and customer experience, whether that's through enhanced security for card users or the way the users pay. Fragmented payments systems and services ranging from online to in-store, will move towards a unified, centralized payment load.
eCommerce is continuing to improve and expand. The Ecommerce platform is supporting the increase of the economy and innovative technological platform business models. With sensitive card data than ever being shared to finish the payment at the checkout, protective steps should be taken to secure the information by all parties. To fight fraud, tokenization will become an increasingly common way to protect payment details.
The beauty of network tokenization is that it helps to protect businesses and customers from the financial hits of data fraud and theft. Even if hackers manage to steal tokenized data, they cannot use the stolen tokens to pay online since they are not able to link the token to payment data stored securely by the payment partner. Furthermore, network tokens are always up-to-date. If the payment card changes after a loss or theft, the token can still be used to pay, ensuring the users can continue to enjoy streaming services without disruption.
The execution of the second Payment Services Directive (PSD2) will continue to roll out across Europe in 2020. 3DS 2.0 uses its complete ability of mobile devices to create a secure way to identify the customer without adding friction to the checkout experience.
Biometric in spotlight
2019 was when the first biometric fingerprint credit card was issued by a UK bank. Enterprises believe that they can witness in 2020 to see more of this kind of payment security innovation. With smartphones unlocking themselves using facial recognition and fingerprint scanning, biometric security is fixed into human lives. As payment providers looking to enhance security, both in response to PSD2 regulations and the increasing sophistication of fraud tactics, biometrics data will become an incredibly valuable tool for purchases.
Transactions through 3D Secure 2 incorporate biometric authentication like fingerprint and voice recognition or facial scans into the procedures. Even better, 3DS 2.0 can use the data collected in checkout to authenticate a transaction even without the intervention from the customer. This creates an enhanced customer experience for mobile transactions that need strong authentication.
The payments platform moves fast to support on-the-go customers carrying smart mobile devices. The self-service kiosks in quick service restaurants, endless aisle inventory in retail, apps that can be a hotel key card, help to book and pay for an overnight stay. All these exciting offers improve the possibilities of customers' lives and provide unprecedented levels of data and insights for businesses. The enterprises must be aware of their potential and bring the best to their customers.
Besides security, ease of transactions, and multiple transactions on a single platform will be of key importance in enhancing more users. Nevertheless, the digital payments ecosystem is on a growth curve, and an ecosystem with financial services, the third-party payment vendors and Fintech enterprises will enhance its influence in the years to come.
The mobile payments and the digital wallets will expand in the coming years owing to the infrastructure becoming more robust, enablers like NFC, POS acceptance devices, and online integrated mobile payments.
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