Credit cards are fast becoming the standard form of payment as cash falls out of favour. According to the UK Cards Association, 32.6 million payments were made by card last year – that’s twice the number of payments seen a decade ago.
Furthermore, IMRG reports that a record £104 billion was spent online last year in the UK and that figure is predicted to grow by a further 12% this year.
All the more reason, then, for card payments to become more secure – time is fast approaching for the latest industry standard to be fully introduced.
In a bid to make payment card data unreadable in the event they are stolen, the Payment Card Industry Security Standards Council (PCI SSC) has updated a key security standard.
One of eight security standards, PCI Point-to-Point Encryption Solution Requirements and Testing Procedures version 2 will provide more flexibility to companies that develop solutions and provide P2PE components, said the PCI SSC.
It’s true to say that as an industry, improvements are being made to increase security but all it takes is a large-scale breach to lay bare the concerns that some shoppers may still have around placing their trust in online payment platforms, and it could even impact a brand’s long-term reputation.
In the future, the PCI standards will continue to evolve to keep pace with not only the payments landscape, which is changing much quicker than ever before, but those attacking it.