How secure are the payment technologies we rely on , and what regulatory implications exist around the integrity of modern transactions ?
TECHNOLOGY
THE REGULATORY IMPLICATIONS OF PAYMENTS AND TECHNOLOGY
How secure are the payment technologies we rely on , and what regulatory implications exist around the integrity of modern transactions ?
WRITTEN BY : ALEX CLERE
As mobile payments and contactless card payments increase in popularity , the security of transaction technologies is thrust into sharp focus . According to UK Finance , nearly a third of adults are registered to use mobile payments – a figure that rises to more than 60 % of Americans , according to separate research from YouGov .
This increased adoption places a burden of obligation and responsibility on payment service providers and processors . So , what should we be looking out for around the security of transaction technologies ?
What regulatory implications currently exist ? As you would expect from a heavilyregulated industry like finance and payments , there are certain regulatory minima that payments companies must follow .
“ Payments have always been a tradeoff between security , cost , and ease of use ,” explains Andrew Neeson , Managing
72 June 2023