APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Fleet Management
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    Editor's Pick (1 - 4 of 8)
    left
    Achieving Service Excellence Through The Digital Utility

    Thomas Kuczynski, CIO, DC Water

    Meeting Today's ITSM Challenges

    Raymond Lefebvre, Vice Chancellor for Technology & CIO, Bridgewater State University

    Disruptive Technologies Influencing Supply Chain

    Tom Knutilla, VP & Division CIO, Ryder Dedicated Transportation Solutions & Supply Chain Solutions

    First Step to Globalizing Your Business

    Neil Hampshire, CIO, Moduslink Global Solutions, Inc.

    Sofico: Propelling Excellence through

    CEO (APAC)

    Driving Business Activity through Behavioral Analytics

    Brian Scott, CIO, Experient

     Big Data: Changing the Way Logistic Companies Function Today

    Emile Zafirov, CIO, Logistics Plus

    Rendering Rigorous and Detailed Planning for Logistics Project Success

    Angela Yochem, Global CIO, BDP International

    right

    Paying Attention to Payments

    Gavin Lennox, CEO, Invenco Group

    Tweet
    content-image

    Gavin Lennox, CEO, Invenco Group

    Throughout history payment mechanisms have continued to evolve to account for the need to balance user convenience, data security and the costs from merchants, processors and card schemes. This is why the world originally transitioned from cash, to cheque, to plastic. It is also driving the current move into a contactless world, including payment by near field communication cards, mobile phones, watches and “card-not-present” transactions made online and over the phone. While some countries such as Kenya  are seeing a shift straight from cash to mobile payments, most economies are now supporting a smorgasbord of payment options for consumers and businesses alike. But while globally the payments world has become increasingly easy for those wanting to make a payment, it has become exponentially complex for those managing them. And the world is about to get even more interesting. 

    The body that sets the standard for credit cards, EMVCo has been gradually shifting credit card related fraud liability in the APAC region back onto merchants who don’t have chip-card reading capability. For Point of Sale, the shift occurred between 2006 and 2010. For ATMs, the deadline for transition was October 2015, with China, India, Japan and Thailand coming inline by October 2017. This is a major shift in the market as globally, up until October 2015, banks had borne the brunt of liability from credit card fraud which is estimated to cost USD16 billion annually.

    While many APAC countries have significantly transitioned to the EMV standard PIN enabled chip cards, others around the world including the USA, are lagging well behind. Early adopters of the new standard, such as Malaysia have seen card fraud dramatically decrease as a result. Those that haven’t are now scrambling to get on board with the new technology and payments ecosystem required to support it. Retailers are inevitably feeling the impact with credit card fees already being a significant cost for retail operations.

    Weighing up the cost of changing to the new standard should be counter balanced with the risk of not changing.

    "In such a competitive market, operations with non-compliant terminals are going to find it increasingly difficult to survive"

    One risk is that this is a global occurrence and trans-border differences are now being highlighted. US travelers without PIN encrypted cards have reported difficulties in making payments in other countries where it is an accepted standard. The EMV shift is also likely to see consumers become increasingly wary of organizations that aren’t meeting the new standards, particularly as banks and card providers are doing their part in educating customers when issuing compliant, chip enabled cards. While the acquisition of certified chip-enabled card readers is an obvious requirement in making the transition, there are wider implications for most businesses. Data security is a major aspect of this as credit card details need to be stored and securely managed at every point of the transaction process.

    This includes ensuring you are dealing with Point of Sale and back office systems that can appropriately support the new EMV payment ecosystem and protocols. Staff training is another important aspect; ensuring appropriate device training and security protocols are established to minimize the opportunity for fraud occurring in the first place. 

    But not all payments are made in a supervised environment. Unattended or self-service payment is a major market trend particularly for 24/7 operations such as petrol and train stations. The need to meet EMV and Payment Card Industry (PCI) security compliance in these businesses is even greater. Not just because the risks are generally higher around unattended card payments but because the reputational risk of failure is also exponentially greater.

    In such a competitive market, operations with non-compliant terminals are going to find it increasingly difficult to survive. They are likely to be avoided by customers who understand the security risks and targeted by those who are looking to capitalize on exactly that opportunity. If a breach does occur, then business cost is not limited to covering the related fraudulent transactions but the wider and longer-term impact of the reputational damage. 

    The recently announced extension to EMV compliance for the US domestic Automated Fuel Dispenser industry from 2017 to 2020 reflects the additional complexities of providing compliance in these environments. It signals an increasing convergence of hardware, firmware, software and cloud technologies in making a payment transaction. In managing encrypted chip card payments, these components not only have to work effectively together but the layers of security must be certified and maintained across each one, individually and collectively. For all of us, as consumers, the implementation of EMV standards should signal the start of a more secure era of card-based payments globally. It will also see many businesses closely examining their data security and related technology in terms of payment management and that can only deliver a safer environment for us all to operate in.

    Invenco is a global provider of self-service payment solutions with a range of products including outdoor payment terminals, electronic payment servers, payment switches, and cloud services. Headquartered in Auckland, New Zealand, Invenco also operates offices in Malaysia, USA and UK.

     

    tag

    Data Security

    Point of sale

    Weekly Brief

    loading
    Top 10 Fleet Management Solution Companies - 2019
    ON THE DECK

    Fleet Management 2019

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Advancing the Chemical Industry through Digital Transformation

    Advancing the Chemical Industry through Digital Transformation

    Jan Mandrup Olesen, Global Head of Digital Business, Indorama Ventures
    Cultivating a Sustainable Future through Collaboration

    Cultivating a Sustainable Future through Collaboration

    Jiunn Shih, Chief Marketing, Innovation & Sustainability Officer, Zespri International
    Mastering Digital Marketing Strategies

    Mastering Digital Marketing Strategies

    Tasya Aulia, Director of Marketing and Communications, Meliá Hotels International
    Building a Strong Collaborative Framework for Artificial Intelligence

    Building a Strong Collaborative Framework for Artificial Intelligence

    Boon Siew Han, Regional Head of Humanoid Component Business & R&D (Apac & Greater China), Schaeffler
    From Legacy to Agility Through Digital Transformation

    From Legacy to Agility Through Digital Transformation

    Athikom Kanchanavibhu, EVP, Digital & Technology Transformation, Mitr Phol Group
    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Ts. Dr. James Chong, Chief Executive Officer, Columbia Asia Hospital – Tebrau
    Digital Transformation: A Journey Beyond Technology

    Digital Transformation: A Journey Beyond Technology

    John Ang, Group CTO, EtonHouse International Education Group
    Building A Strong Data Foundation: The Key To Successful Ai Integration In Business

    Building A Strong Data Foundation: The Key To Successful Ai Integration In Business

    Richa Arora, Senior Director Of Data Governance, Cbre
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://fleet-management.apacciooutlook.com/cxoinsights/paying-attention-to-payments-nwid-3741.html