Swipe Mandate to Tokenisation: Underrated Methods for Ensuring Payment Security

Today, payment security is perhaps more important than ever before. But, it doesn't have to be as complex as you first might think. Let's have a look at some underrated methods you can use to ensure payment security for your consumers. 

One of the most common security concerns for payments is the transfer of sensitive data. As these communications are done through the internet, it can offer the opportunity for malicious parties or hackers to intercept personal and private details. With this in mind, one of the easiest ways to protect card details in transit is with encryption. 

Put simply, payment card encryption uses random number generators (RNGs) to create a payment token. This technology is probably most widely known for being the backbone behind online slot games, as it generates characters at the same randomness as rolling a dice, spinning a wheel, or picking a card. For example, players trying their hand at games like 7 Clovers Of Fortune will find that icons like tankards, leprechauns, and pots of gold fall onto the reels in a random order that cannot be predicted in advance. This is because RNGs use complex algorithms to select from the icon inventory at random, ensuring that the gameplay is as fair and immersive as possible. 

Similarly, RNGs generate randomised card details for each payment card, which is transferred in place of the real details. This information can only be decrypted by authorised parties, meaning that if any information is intercepted, it will reduce the risk of the details being used. 

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Recently, Zimbabwe's Consumer Protection Commission (CPC) announced that it will require businesses to have swipe machines. This mandate comes as one aspect of a wider push for legislation change to protect consumers from unfair business practices. The CPC has begun to crack down on any business that does not have a point of sale (PoS) device, which would allow consumers to choose whether they wish to pay in US Dollars or Zimbabwean dollars. Any business that is caught without a suitable PoS system will be guilty of breaking the law, and will be subject to suitable penalties. 

Citing Section 68, the CPC has begun their crackdown within the fuel industry. After reviewing fuel service stations in the country, the CPC found that an average of 80% of the service stations did not have PoS systems at the time of inspection. By not having these PoS machines, this allows businesses to force consumers to pay in a specific currency. However, it is Zimbabwean law that all consumers have the right to decide which currency they pay in, as part of the overarching multi-currency policy. 

This move has been widely welcomed by the Zimbabwean public, as many consumers have found themselves being cheated by traders who have forced them to pay in US Dollars rather than the local currency. Some consumers have even reported being told that PoS machines are out of service — whilst others have named the major supermarket chain Harare for only accepting Zimbabwean dollar swipe payment on a limited product range. It is thought that this clampdown on swipe machines will help to protect consumers in the long run. 

And there you have it — just a couple of simple ways that businesses can ensure the safety and security of their consumers' payments. In doing so, this can help you to meet regulations, build trust, and ultimately develop a good reputation.