Digital payment security: rising and coming technologies

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The hyper-digitisation experienced in the last two years has permeated the whole of society. In terms of consumption, it has prompted companies to move towards the digitisation of their services, including payment methods, in order to respond to customer demand.

It is true that across some countries, digital payments do not work in the same way due to the different regulatory frameworks that exist in both the Banking and Fintech industries. Policies related to data privacy or security are those that encourage greater adoption by technology companies to provide not only seamless but also secure experiences, ensuring the privacy and security of customers.

In the world, according to a report developed by Statista Mobile Payments II: the business models behind mobile payments, which shows the ranking of the most relevant payment processors in the world, we can see this trend and how digital payments are catching up with the credit card giants.

Trends related to eCommerce like Amazon, the arrival of 5G and the widespread use of delivery apps have driven a wide range of digital payments already adopted. One sector that we never thought would be able to opt for a variety of payment methods and extensive security is the casino industry. Many reliable casinos choose to offer free spin bonuses to attract new customers. No deposit free spin bonuses are one of the most popular means. However, not all bonuses are the same as there are free spins deposit, free spins no deposit as well as deposit + free spins. For all of them, there are secure payment methods such as credit cards like Visa and Mastercard, telephone payment options and e-wallets like PayPal. Something that no one would have thought possible a couple of years ago.

Nowadays, digital payments are promoted as a good security practice to effectively develop the online market. It features a series of processes carried out by companies, like the update on PCI-DSS certification and the 3D-Secure protocol that the PayZen payment gateway has, which allows to have a unique differential in cybersecurity and accompanies the growth of businesses as well as the prevention of online frauds in all web collections made through the gateway.

As stated previously, 3D-Secure is one of the highest security standards in the world. It seeks to prevent fraud by the use of cards on online platforms by a person other than the cardholder, as with two-factor authentication and prior verification of the cardholder’s identity, various security checks are carried out before the transaction is approved.

Security will evolve this year not only in connection with 3DS, but also with new tokenization standards that provide new ways of encrypting sensitive buyer data. All of these changes reduce a number of previously known issues and offer more options for merchants.

Modern online payments are here to stay. Raising the standards of today’s standards to make them as fast as possible, tokenization is on trend and is synonymous with ease, trust and security. Moreover, tokenization is an advantage that has become popular in the last year, considering that the tokenization service for payments is a way to keep sensitive credit card data safeguarded, which is crucial for users looking to avoid fraud. Through this technology, merchant sites are able to offer their customers the ability to associate a payment method with a username, so that recurring payments can be made more quickly, generating benefits for both the shopper and the merchant. When using this tokenization process, a fundamental factor is that the tokens are stored by the payment gateway in compliance with all PCI-DSS security requirements, as is the case with our gateway. This reduces fraud by replacing the credit card details of buyers with a token, avoiding the exposure of sensitive data on the web, which reduces the possibility of information theft during online payment. In addition, an exclusive use of the created token is sought, which can only be used at the merchant that generated it and by a single user.

The Latin American market is on its way to adopting and adapting to 3DSecure, which will no longer be optional but mandatory, for all those companies that want to provide greater security and a seamless experience to their customers, facing the new demands of an increasingly connected customer who seeks hyper-personalisation and an omnichannel experience. In addition to adding new technologies that ensure consumer privacy and security. Undoubtedly, new technologies in payment processing pose a major challenge for banks, financial institutions and payment processors. The result, with proven success around the world, will usher in a hitherto unknown secure universe of online payments throughout Latin America.