The largest credit card company in the world made headlines recently when it announced that it had come out with a new service to help merchants better encrypt data.
In a statement, Visa said that it was introducing Visa Merchant Data Secure with Point-to-Point Encryption, which will help merchants and acquirers implement the technology at credit card terminals. The new system uses point-to-point encryption technology and gives a high level of protection to information that is at risk of being stolen by hackers.
According to industry insiders, there has been a growing demand for encryption products for merchant services.
“Merchants large and small have expressed an interest in encryption as a way to protect cardholder data in their payment systems and simplify their security protocols,” said Ellen Richey, chief enterprise risk officer at Visa. “Since encrypted data can’t be used to commit fraud, Visa’s point-to-point encryption solution can significantly reduce the risk and impact of data compromises.”
Visa was one of many brands to sign on board to the Electronic Transactions Association’s Mobile Payment Committee, which seeks to increase mobile payment usage.Back To Blog