Continuous innovation key to address payment security risk: VISA
Leaders from Visa, the global payments company, emphasised the need to protect the payments ecosystem from evolving security threats at a summit in Tbilisi, Georgia, according to a statement issued by the company on Sunday.
Dubbed ‘The Future is Digital – Securing a Connected World’, the summit aimed to discuss trends, challenges and innovations in payments that are transforming the way people pay across the region and globally.
The statement said that delegates discussed a number of key challenges, including the expansion of the fintech sector, the emergence of connected devices.
It added that the proliferation of data have created potential new security vulnerabilities, which must be addressed to maintain trust in the overall system.
“For people, merchants and governments to use electronic payments and enjoy their benefits, they need to trust them. That is why we invest in cutting-edge technology and collaborate with our partners through platforms such as our Security Summit to ensure everyone is protected every time they pay or are paid using our products, solutions and network,” said Hector Rodriguez, regional risk officer for Central and Eastern Europe, Middle East and Africa at Visa.
Innovation is key
Rodriguez added that the ever-changing nature of security risks necessitates continuous innovation to keep all parties involved in a transaction safe and secure.
“Visa Checkout, for instance, is a highly effective innovation that is helping to underpin the rapid growth of the region’s e-commerce sector. Meanwhile, contactless innovations can provide additional security to in-person transactions by generating a unique code that makes stolen card information unusable,” he said.
“Although there is no ‘silver bullet’ for payments security, we have shown that, by innovating and collaborating to develop new, complementary tools and approaches, we can help to strengthen the integrity of the payments ecosystem across the region and worldwide,” he added.
Global non-cash transaction volumes grew by 11.2 percent during the years 2014-2015 to reach $433.1 billion, the highest growth of the past decade, according to a report issued by Capgemini, a consulting technology outsourcing company, in collaboration with BNP Paribas, an international banking group.
This growth, it said, was driven to a large degree by developing markets, which recorded a 21.6 percent increase in 2015, while mature markets grew by 6.8 percent, a nominal rise over the six per cent recorded in 2014.
In the statement, Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy, said that consumer trust should be an integral element of the present focus on payment innovations.
“The consumer’s right to safety is non-negotiable but, at the same time, the consumer should know a product before acquiring it. Dubai Economy is in the process of accelerating the emirate’s shift to a smart economy to which the overall consumer experience is central and contributed by happiness, transparency and trust,” he said.
Meanwhile, R Sivaram, EVP, Head of Retail Banking Products at Emirates NBD, said that Visa’s Security Summit provided a good platform for discussion on trends in cards and payments security across the region and provided a good overview of the emerging roadmap in terms of product and technology initiatives.