The 5 Golden Rules of E-Payment

Hi everyone. Today, I have a video blog for you on the five golden rules of E payments. And this was spurred by the news or rather the leaked information that Google will launch a debit card sometime in the next year. And this is very interesting because then it would allow far greater usage of its Google pay app in physical locations with a physical card. So this comes also at a time when apple has announced that it will have a credit card launched, which would go with its native iOS app.

So thinking of global e-payment, we know that the us and Europe are lagging far behind east Asia, the launch of payment cards and wallet apps by large tech companies is really reminiscent of Alibaba. And it's launch of Alipay, which is now one of the most widespread payment uses in China. So we know that us and Europe will very likely not see the fast rate of adoption that China did see, but there are some clues to understand that this might have a larger impact on consumers than simply the wallet apps alone have us consumers have a high preference for card payments.

And so this will suit already ingrained habits. And in Europe it's still a very much cash based society. And so this could be one more attempt to move to a cashless primary form of payment. So although this will really impact physical payment, it is very much wrapped up in this world of ePayment and the existing usage of Google pay. So we have a list of five golden rules of e-payments for you today. So first is that e-payments are actually not the most secure way of executing a transaction. It's still PTs devices.

According to the PCI security standards, these devices have the lowest threat when executing a transaction. So this is relevant because Google pay will now be able to facilitate many more transactions with physical devices in shops with merchants who have such a PTSD device next, regardless of if an eCommerce merchant outsources their payment services or not, there is still always the risk that the payment information could be compromised from that merchant's own page.

So this can happen when Malicious actors enter in and interrupt how a customer is redirected from the eCommerce page to the payment page, and perhaps setting up a false page where that user could input their own information. So always practice good cyber health. This is golden rule. Number two third is to tokenize or encrypt any payment data that must be kept or stored. This makes it useless if that data is ever compromised. So that's a huge incentive to protect your own corporate health. And of course the safety and privacy of your users.

So fourth is to put security measures in place like 3d secure protocol and banks will be much more likely to participate in transactions when a card is not present, if there are additional layers of security in place. And so as we see that technology companies are transforming to become fintechs and offer financial services, the roles that each of these different institutions of banks of e-commerce tech providers, their roles will start to become intermingled and change. And so we can also keep our eyes open for more security supports, which come that reflect these changing roles.

So the fifth and final golden rule for ePayment is to remember that more data equals more risks. So the PCI data standard is important and required guidance, which will help you both protect your end user and your own corporate health against a breach. And if you pause to think on the companies who are releasing such payment cards to go with their payment apps, their tech giants that have reinvented the customer experience based on data insights. So you can imagine the data collection potential that would come from these products.

So be prudent when interacting and accepting and transferring payments through these products and inform yourself on the way data is being used. So that concludes the five golden rules of e-payment. And I encourage you to check out more information that we have on the PSD two on the way that emerging technologies are impacting different industries, such as the financial industry. And you can find all of that at Casey plus. Thanks. Bye.