Visa Emphasises the Importance of Security in New Payment Channels

The world of payments is evolving, and the future of payments security will see a number of developments as more people embrace online and mobile payments.

The consumer environment is seeing an exponential growth in the number of connected devices that people are interacting with in their daily lives. This growth is shaping the new digital world, introducing new consumer behaviours, new business models, and new solutions into the payments value chain.

As new payment methods and channels are constantly emerging so are new payment security risks. Cyber security therefore remains a key foundation and critical factor in developing new payment solutions, or adapting current models to new digital consumption trends.

Rapid advancements in technology have made it essential for service providers to find new ways to offer safe, fast, and easy payments solutions to meet expanding customer needs. There is a constant need to track and adapt to new threats as they arise.

With this in mind, Visa recently hosted its first-ever Security Summit for Sub-Saharan Africa. The summit brought together key stakeholders to discuss trends, challenges and innovations in payments security that are transforming electronic payments across the region and globally.

With the theme, “The Future is Digital – Securing a Connected World”. The summit spoke to the need for a focus on security in innovation.

Speaking to PaymentsAfrika before the summit, Hector Rodrigues, the Regional Risk Office for CEMEA at Visa, discussed how trust is one of the cornerstones of any payments technology. While fintech innovation has great potential to revolutionise financial services, it is important to put security at the centre when building new payment solutions.

Visa is looking seriously at how to secure an increasingly connected world and keep up with shifting consumer behaviour. It is also continually working to develop solutions that combat and eliminate the risks that threaten their customers.

The face of electronic payments and transactions globally keeps transforming and this means consumers must be kept alert of emerging systems and the present risks associated with these fast-paced advancements.

A lot of education needs to be done, both within businesses and with the public, around security risks and how to mitigate them.

With criminal operations taking place at an extremely rapid pace, consumers have an ongoing obligation to actively monitor their own online transactions and ensure that they remain safe. To ensure security it is important to work closely with all stakeholders in the value chain. Consumers and service providers must work together to ensure payments security.