PCI Pal Shares Top Predictions for Payment and Security Trends in 2023
06 Diciembre 2022 - 8:00AM
Business Wire
Executives outline how to prioritize CX and
payment security in an ever-changing digital world
Despite the constant evolution of the financial landscape,
consumers are still prioritizing a seamless and safe payment
journey above all else. With this in mind, PCI Pal® (LON: PCIP),
the global provider of cloud-based secure payment solutions, is
sharing key payments and compliance predictions just in time for
2023.
“New technology and new payment methods are at the forefront of
the industry for 2023,” according to Alessandro Della Volta, VP of
Product at PCI Pal, “With customer service as a top priority for
companies and consumers open to new options, the payments landscape
is primed to expand and evolve over the coming year.”
“Security is still top of the agenda for 2023,” continues Geoff
Forsyth, Chief Information Security Officer (CISO) at PCI Pal. “On
the horizon is the proposed American Data Protection & Privacy
Act (ADPPA) legislation currently being discussed and the countdown
to implementing version 4.0 of PCI DSS continues in earnest in
2023.”
When it comes to the future of payment security, the focus
should be on improving existing measures based on the changing
consumer and business landscapes. In 2023, companies will need to
have a firm understanding of secure payment methods to use and also
be ready to pivot as the legislation landscape evolves in the next
12 months.
Top Payments Trends & Predictions
for 2023
● Adoption of the latest open banking APIs: More
merchants will look to adopt the latest open banking APIs which
support variable recurring payments, in addition to one-off
payments. This shift could see the decline in direct debits as they
gradually lose market share as a payment method.
● The convergence of payments and lending will continue:
Buy Now, Pay Later (BNPL) products will continue to be in high
demand, specifically due to their split payments, zero interest
solutions. Millennials and Gen Z traditionally gravitate toward the
convenience of the model, but these payments are becoming
increasingly popular with Gen X and Baby Boomers as the rising cost
of living expenses are driving them to seek out alternative payment
solutions.
● Emergence of Omnichannel payments within the contact
center: By implementing an omnichannel contact center payment
strategy, companies can personalize the customer experience,
allowing consumers to pay via multiple channels using multi-payment
methods.
● Focusing on the Now, with a view on the Future:
Businesses should be looking to identify and solve existing threats
while also building a long-term security strategy that will last.
Following the remote/hybrid work shift that was escalated by the
pandemic, it’s important to continuously monitor current security
measures and modify where and when needed.
● AI becomes reality: Artificial intelligence will play
an increasingly important role in enhancing the performance of the
contact center. More and more CCaaS platforms are deploying
real-time speech-to-text sentiment analysis products, based on
machine learning. Providing real-time insight and training
benefits.
● Know What Payment Methods to Trust: There are payment
methods that hackers look for. For example, organizations that
concentrate on taking card payments will still be the main targeted
group for attackers. Instead of focusing on one method, look to
adopt a multi-payment strategy that meets consumers where they are
and provides payment options to allow for choice and additional
security benefits.
● PCI DSS 4.0: With PCI DSS 4.0 officially coming into
effect in March 2024, companies should be using 2023 to set
themselves up to meet the new requirements and also future-proof
their security strategies while remaining committed to offering the
best payment CX.
As companies look towards a new year, it’s a great time to
reassess payment processes, security measures and technology to
ensure they’re meeting compliance regulations while also keeping
the needs of customers top of mind. With new payment methods
available that prioritize both safety and customer experience,
companies have the opportunity to adopt a multi-channel,
multi-payment approach that is beneficial for all customers and
keeps them safe during their buying journey.
For more information on PCI Pal visit www.pcipal.com or follow
PCI Pal on Twitter.
About PCI Pal PCI Pal (LON: PCIP) is a leading provider
of SaaS solutions that empower companies to take payments securely,
adhere to strict industry governance, and remove their business
from the significant risks posed by non-compliance and data
loss.
Its mission is to safeguard reputation and trust by providing
customers with secure payment solutions for any business
communications environment including voice, chat, social, email,
and contact center.
PCI Pal is integrated to, and resold by, some of the worlds'
leading business communications vendors, as well as major payment
service providers.
PCI Pal products can be used by any size organization globally,
and it is proud to work with some of the largest and most respected
brands in the world.
For more information visit www.pcipal.com or follow the team on
LinkedIn: https://www.linkedin.com/company/pci-pal/.
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version on businesswire.com: https://www.businesswire.com/news/home/20221206005013/en/
Ali Karp pcipal@sourcecodecomms.com
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