With the payment card industry (PCI) becoming more interested in digital wallets additional focus is being paid as to how secure these financial products need to be.
One of the most obvious avenues for personal and business transaction is through smartphones – with growing numbers entering the eager hands of consumers every year.
According to MasterCard Australia’s head of innovation Matt Bar, this is the way the PCI industry is heading with speed.
Mr Bar told the Australian Financial Review on May 8: “The technology is there but it comes down to commercial discussions around how those services get set up.”
PCI compliance fears also need to be addressed, according to the Commonwealth Bank’s general manager of cards and payments David Lindberg, who described smartphones as being the “dominant channel” for banking transactions.
“In many ways, a phone is more secure than a piece of plastic in your wallet because you need pin numbers to get to information and, if you lose it, that information can be remotely wiped,” explained Mr Barr.
“We are confident that mobile improves the security of?the payments industry and the convenience will make it pretty compelling.”