With the recent news on the data breach of personal information, it’s become more important for businesses to keep abreast of the latest security measures to ensure their customers’ ongoing trust towards in their business. From online hacks to malware installed on point of sale devices; unscrupulous criminals are looking for an opportunity to snag data that can be used to siphon off money or sold to someone else. When it comes to customer’s financial transaction data, business owners need to take a pause and ask themselves – Is my card processing setup secure?
Smart Insights predicts the mobile point of sale (mPOS) market is expected to grow to 52M units by 2018, representing a CAGR of 40 percent for the period 2013-2018. With such huge growth prospects, the payment transaction solution you choose to implement in your business needs to be top notch with all the valid certifications and standards.
The Smart Insights study predicts that by 2018, there will be 25 million mPOS units in Asia Pacific alone.
Thanks to the recent Data Security Standards, version 3.2 from Payment Card Industry Security Standards Council, security has been tightened to safeguard the payment data before, during and after a purchase is made.
Transactions through mobile point of sale solution are now safer & secure while they are now equipped with the below technologies & standards.
- PCI-DSS Compliant: mPOS systems do not store credit card, mobile wallet, or mobile payment data on their devices, and they maintain security standards of the PCI DSS. They also have SSL encryption of payment details, offering customers a high level of protection and minimizing security breaches.
- EMV Ready Unit: It prevents the use of counterfeit cards by requiring a unique, single-use code for every transaction.
- P2PE: In Point-to-point-encryption, or P2PE, from the moment a customer swipes his card at the mPOS card reader, the data is encrypted the entire time and, even if malware is inserted into a mPOS device or anywhere in the POS system, card data is secure.
- End-to-End Encryption: End-to-end encryption protects against theft of cardholder data. They also offer PIN-based authentication and the ability to remotely disable lost or stolen devices.
- Secured Firewall: mPOS fits the need to take payments on the go and facilitates a secured, mobile way of taking payments through secure firewall and having limited Internet access points.