Earlier this year we threw open the virtual doors to TNS Horizon 2022, and welcomed some heavyweight speakers, and delegates, to TNS’ first ever global payments conference. If you joined us, I hope you enjoyed it as much as I did, and if you missed it – fear not, you can catch-up here.
The payments ecosystem is rapidly evolving. The entry of new and emerging technologies – including players and ways to pay – accelerated digital transformation, and the evolution of security standards combined with changing consumer behavior, can make it tough to know whether the ‘next big thing’ really is, or if it’s just noise.
At TNS Horizon 2022 I believe we cut through some of the noise and delivered four insightful sessions that gave the delegates actionable information to take home. In this first blog in our Horizon series, I’ll reflect on the insight gained in our keynote session focused on the 5G gamechanger, and our breakout session focused on the evolution of PCI DSS.
It’s a Revolution – Five Key Takeaways about 5G
5G is not just an evolution of the networks that have come before, it’s revolutionary – it’s technology that will change behavior. The high-speed, low latency, always on technology will change the notion of what is possible and expected, and versions of it are live in approximately 50 countries around the world.
So, what does 5G mean for you?
- More of everything – there will be a proliferation of payment acceptance devices as 5G perpetuates cloud-based POS adoption, we’ll see mobile point-of-sale (mPOS) in new geographies, and new use cases as 5G becomes widely deployed. Device initiated transactions will boom, and it will all be layered in with enhanced security and fraud detection powered by improved biometric authentication features.
- True omnichannel commerce – shopping experiences will extend beyond the physical walls of the store, as everything will be connected, and the digital experience won’t be limited to the living room. Consumers will access information, and buy, from anywhere.
- Merchants will deliver superior customer journeys – devices will boost consumer experience. Sensor data and real time analytics will offer unimaginable personalization and consistent user experiences for consumers. And the higher speeds and always on connectivity will mean enhanced payment options and better access to information.
- Immersive experiences will reign supreme – seamless connectivity and ultra-low latency will make advanced use cases such as augmented reality, and virtual reality experiences such as the Metaverse, a genuine possibility.
- A Platform for Change – To maximize the potential of 5G businesses must consider the whole ecosystem. The opportunities are huge and it is businesses that see 5G as a platform to solve problems that will thrive in this brave new world.
Security Standards for the New Age – One Size Doesn’t Fit All
It’s hot off the press, and is now live, but at Horizon 2022 the Payment Card Industry Security Standards Council (PCI SSC) spoke about the evolution of the standards through the years and provided a brief explanation of what the new Payment Card Industry Data Security Standard (PCI DSS) v4.0 aims to achieve. TNS has taken an active role in implementing PCI DSS since the standard’s inception over 15 years ago.
The panelists focused on the importance of good security and the growing threat of cybercriminals as they become more sophisticated. They reiterated that good security is everyone’s responsibility, and the importance of continuous improvement and collaboration.
While technology plays an important role in safeguarding an organization’s data, it is not ‘just’ an IT project, or one department’s remit. Each of us have a role to play and each of us is responsible for protecting data and mitigating potential security breaches – achieving, and being able to evidence, good security is key for building and maintaining customer trust.
Looking to the future of PCI DSS, v4.0 builds on the principles of previous versions of the standard and presents a forward-thinking evolution that considers emerging technologies and new entrants into the payments ecosystem.
The new standard outlines the minimum requirements and provides a framework with new levels of flexibility and customization for achieving PCI DSS compliance. This should enable organizations with less traditional operating models to achieve compliance while addressing modern and future security threats.
With all of these changes looming on the horizon, businesses may feel a sense of concern, or overwhelm. Where do you start with such wholesale changes coming into view?
Our top tip is to partner with a trusted, proven, reliable and secure provider with a reputation as a global leading infrastructure-as-a-service (IaaS) organization, a global Level 1 PCI certified network and industry leading uptime and availability.
At TNS we accept, connect and securely process transactions globally for businesses just like yours. To learn more about TNS and our solutions portfolio, please visit https://tnsi.com/products/payments/