The advent of PSD2 regulation has triggered major changes in the payments sector, a leading payments executive has claimed.
“The world of alternative payments has been opening up for some time now and with PSD2 that is set to accelerate,” said Adina Ahmed, Chief Operating Officer at payment service provider Anderson Zaks. “The PSD2 framework mandates that banks provide access to bank accounts to trusted third party payment services providers, including those providing access to crypto accounts. With restrictions on the fees that can be levied, the cost to the merchant of these new types of payments could be significantly lower than traditional card-based transaction costs.”
People, she said, are getting used to the idea of paying with their phone or their watch, devices which are simply linked to a card-based account, that is not necessarily a bank account, or even to their phone or ISP account: “Paying in your cryptocurrency of choice is simply the next step,” she added. “Retailers and merchants that provide the option sooner rather than later will steal a march on the competition.”
Earlier this month, Anderson Zaks launched a new service offering secure card not present payments (MOTO) for call centres. The premise was that in a typical call centre environment, the usual scenario is to take card payment information on a standard terminal, or a software application located on the IT infrastructure, which requires adhering to PCI DSS standards. The new solution enables card details to be entered directly on to a pinpad by the operator connected to any PC or terminal. Card details are immediately encrypted in a PCI P2PE compliant manner thus effectively removing IT infrastructure from PCI DSS scope.

by Guy Matthews