We've previously posted an article on the Cyber Security Threatscape for 2016, but how does this reflect what the next 10 years has in store for the changing face of payments?
It's been reported that card payments are continuing to grow, with an estimated 60% of non-cash payments expected to be made on card by 2024.
Not only do consumers know this, but so do hacking groups. The popularity of acquiring customer card data in order to sell on the black market is continuing to rise at an alarming rate.
Mastercard’s 2015 research into its own Tap&Go contactless technology revealed that in the second quarter of 2015, tap transactions in Europe grew by almost 170% year on year and consumers already using contactless have tapped 20% more.
Along with contactless payments comes further security risks. Card-reading technology that is available online contains technology that could be used to swipe details from contactless cards, warns Which?
With the rise of the likes of Apply Pay and Samsung Pay, we are carrying increasing amounts of our payment and card data in our pockets. Companies are making an effort to encrypt, tokenise and authenticate user credentials before allowing transactions to proceed, but no system is foolproof.
The important thing to note when thinking about how payments are changing is how to future-proof the security of your payment environment.
Find out more about our products that have been created with the future of payment security in mind.
The burning question of the moment is ‘What is the future of payments?’ Last year saw non-cash transactions overtake cash payments for the first time, but does that mean cash is on its way out? Do the underwhelming receptions of Apple Pay and Apple Watch mean people aren’t yet ready to move on to newer payment traditions? Here we explore what the next decade has in store for payments made using cards, mobile devices and wearables.