Safeguarding Customer Data: A Deep Dive into MPoC Security Measures
Imagine making a purchase, and instead of the business owner offering you a payment terminal, they quickly unlock their phone and ask you to directly tap on the screen with your card. Wouldn’t that be something?
Guess what! Through MPoC, you can now turn your phone into a payment terminal and offer your customers a convenient and fast payment method. This flexible payment technique will allow you to streamline your business’s payment process without the complexity of traditional devices.
What is MPoC Security?
Before we go into the nitty-gritty details of how this system works, we must first understand it. The MPoC (Mobile Payment on Commercial off-the-shelf devices) is a payment system that promises to meet the demand for higher speed, security, and better integration of payment systems.
MPoC uses a unique approach to the matter by turning the merchant’s smartphone into a payment terminal. This system directly integrates with the already existing SPoC and CPoC standards to add a new payment functionality.
The most significant feature of MPoC security is the fact that it offers PIN-based payment functionality without the need for additional security devices to be attached to the merchant’s smartphone. More importantly, payments can be processed offline.
How Does MPoC Security Work?
Isn’t that the burning question, right? How will this system work securely with the current commercial businesses? The straight-up answer is that the MPoC security payment integrates seamlessly with COTS (Commercial off-the-shelf) devices to ensure safe, convenient payment transactions.
Typically, the COTS are pre-built devices or solutions that are already available in the market, for instance, smartphones with in-build NFC features. That makes it easy for MPoC software to integrate with these devices by incorporating PCI DSS-compliant payment solutions into the COTS devices. Above all, this integration ensures sensitive information is transmitted securely.
Key Benefits of MPoC
The MPoC security system comes with tons of benefits to both the customer and the merchant. In fact, these benefits make it an attractive option for both small and large companies that are processing huge volumes of payments. Some of the benefits include:
- Improved security
In the world of online payment options, security happens to be the most crucial part of the transaction. Thankfully, through MPoC security, you have an additional layer of security that helps protect sensitive payment data.
This system uses authentication protocols and cryptography to encrypt sensitive data and ensure this information is protected from unauthorized access or any malicious activity. That means customers can pay directly to the merchant’s smartphone without any risk of unwanted exposure.
- Enhanced privacy
Privacy is a major concern when it comes to payment options, especially when using COTS. The MPoC system recognizes this and enhances privacy levels when processing payments from clients. Every data that’s directly related to the payment is encrypted and stored in a secure environment.
That makes it nearly impossible for third parties to access customer data or any other sensitive information that was used in the transaction. Evidently, MPoC makes it easy to ensure customer’s private data and information are kept safe.
- Streamlined Compliance
MPoC is an excellent system for any business because it simplifies the process of meeting compliance standards. Generally, MPoC is built around compliance standards, especially in the mobile payment industry.
By simply following the compliance standards, using this system will help save time and resources trying to get your business model approved. That will likely minimize the cost allocated to being compliant.
- Increased Flexibility
The basic concept of MPoC is to combine contactless entry and PIN in the same COTS device. That’s meant to enhance flexibility in the payment process and also support different payment channels.
In fact, this system includes different consumer verification methods all wrapped up into one COTS device. Such flexibility enhances your customer experience and financial record-keeping in your business.
MPoC security standard is by far one of the best inventions in the mobile payment industry. It’s created a system that protects customer’s data and privacy from fraudulent activities while also enhancing business data security.
MPoC security generally requires businesses to set in place and maintain specific measures to enhance security when handling customer payment information. More importantly, all MPoC software has to meet certain security and objectives requirements in their core module.
An excellent security requirement for this system is to ensure the integrity of the COTS device is not compromised and offer adequate solutions for security measures. That’s why it’s imperative to work with a professional Fintech company that provides Payment infrastructure as a service.
These requirements will ensure the transaction is secure by protecting the data transmitted from unauthorized access and modifications. A professional Fintech Company will:
- Enhance protection of cryptographic keys
- Put in place measures to protect the Primary Account Number and PIN data
- Offer monitoring systems that can promptly detect any threats
- Provide a robust security system that ensures the system is impervious to reverse engineering.
As a business owner, it’s important to find the right company that can offer this service while also ensuring the safety of your customer’s data and privacy. Granted, this system is designed to offer merchants a safe, convenient, and reliable way to accept digital payments while reducing risks of fraud or unauthorized access.
However, it’s imperative to work with experts in the field to minimize the risk of any vulnerabilities happening. Any hack attack could easily cost your business millions and your customer’s trust.
That said, get in touch with Nearpay.io’s tech team.We are an established professional Fintech company that will not only enhance your customer experience but also offer suitable payment infrastructure depending on your business model.
Well, there you have it! MPoC is considered a ground-breaking technology that will revolutionize how businesses process customer payment transactions. Furthermore, this system will provide merchants the ability to set up additional payment lanes, especially during high-traffic times, without ever investing in additional terminals. What more would you ask for?
January 1, 2024Back to Blog