Security in means of payment: what to expect in 2021?

Understand how payment methods are evolving to prevent fraud

It is well known that the diversification in the payments sector continues to grow: Fintech’s, digital banks, new technologies such as PIX, digital wallets, and others. This whirlwind of news can leave the consumer thinking about the level of security of these new means of payment.

As technologies evolve, fraud has also grown. The Covid-19 pandemic seems to have served as the perfect cradle for the acceleration of virtual crimes of the most diverse types.

The increase in the volume of virtual purchases and the demand for efficient payment methods around the world, has meant that the security of systems and data has suffered attempts from attacks unprecedented on the planet.

The lessons learned in 2020 are helping the sophistication of security systems to overcome the constant challenge of fraud.

According to the Computerworld website, some trends in means of payment security must be consolidated so that new technologies are increasingly appreciated by post-pandemic consumers.

The consumer adheres to new technologies when he sees consistency in his security

In mid-2020, Visa conducted a global study called Back to Business. The survey found that 78% of consumers around the world adapted their means of payment with security as paramount. Of the respondents, 48% said they would not buy at a store that only offers payment methods that presuppose physical contact with the cashier.

These and other data demonstrate that the demand for high technology, if allied to a lot of security are perennial trends, even after overcoming the pandemic. Real-time payments, open banking, digital currencies, among other news, are part of the new ways of consuming. It is essential that these and other innovations are filled with security devices that are really perceived by the consumer. The trust factor will determine the success or failure of each company or technology launched in the payments market.

A strong security trend is the emphasis on digital identity technologies. Strong client authentication standards such as FIDO2 or U2F will continue to grow, facilitating secure login to websites and applications, eliminating the use of passwords and knowledge-based authentication.

Another relevant concern for the coming years is the security and privacy of consumers’ data.

Here in Brazil, the recently implemented General Data Protection Law, LGPD, is a positive initiative in relation to the security of customers’ personal data.

The goal of the new law is to create a legal security scenario, with the standardization of rules and practices in relation to the most diverse types of personal data, in order to promote protection on an equal basis within Brazil and worldwide.

Pay4Fun is concerned with combining high technology with consumer safety

Pay4Fun is a Fintech in the digital payments industry that has grown a lot in recent years. Our growth is consistent because the safety of our customers is a priority in all the products we develop.

Our company knows that not all consumers easily adhere to a new technological facility involving values. We can say that Brazil has many countries within the same country. Therefore, we cannot measure all of our customers with the same rule, just saying that new technologies are excellent and should be used – and that’s it.

For this reason, in addition to investing heavily in cutting-edge technologies, we also invest in individual and human service. Trust is not something that is required. It is a good that is built.

At Pay4Fun you can be from anywhere, be of any generation and have your own beliefs. We are here to answer all your questions and show you how our service can improve your daily life. Come and see what Pay4Fun can offer you.

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