The PCI Security Standards Council (PCI SSC) is unveiling a set of best practices for mobile payment acceptance security.
The standards, announced Sept. 13, follow predictions by analysts that the global mobile payment market will continue to grow. According to Gartner, worldwide mobile payment transaction values will surpass $171.5 billion in 2012, a roughly 62 percent increase from the $105.9 billion in 2011. The firm also predicts the number of mobile payment users will reach 212.2 million by the end of the year, up from 160.5 million in 2011.
“The trend in mobile payments is to utilize consumer grade devices for operations that were historically performed by hardened hardware terminals,” Nicholas J. Percoco, senior vice president at Trustwave’s SpiderLabs, told eWEEK. “The challenges are broad and many but some of the top issues revolve around management/control over the device, the integrity of the payment applications, and the security of the payment process.” (Read More)