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PCI Council Issues Guidance for Mobile Payment Acceptance

By Mike Nonaka on May 17, 2012
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Yesterday, the Payment Card Industry Council issued guidance for merchants using smartphones or tablets to accept payments from customers.  The guidance follows up on the PCI Council Chairman’s pledge in February, as reported in this blog, to make mobile payments a top priority.  Payment card readers that can be attached to a smartphone or tablet have become popular in recent years due to portability and cost efficiencies. 

The guidance urges merchants to secure account data at the point of capture using validated point-to-point (P2PE) solutions in order to maintain data security throughout the payment lifecycle.  A validated P2PE solution ensures that cardholder data is encrypted before it enters the mobile payment acceptance device.  These solutions also reduce the scope of merchants’ PCI compliance obligations.

Photo of Mike Nonaka Mike Nonaka

Michael Nonaka, co-chair of the firm’s Fintech Initiative and former co-chair of the Financial Services Group, advises banks, financial services providers, fintech companies, and commercial companies on a broad range of compliance, enforcement, transactional, and legislative matters.

He specializes in providing advice relating…

Michael Nonaka, co-chair of the firm’s Fintech Initiative and former co-chair of the Financial Services Group, advises banks, financial services providers, fintech companies, and commercial companies on a broad range of compliance, enforcement, transactional, and legislative matters.

He specializes in providing advice relating to federal and state licensing and applications matters for banks and other financial institutions, the development of partnerships and platforms to provide innovative financial products and services, and a broad range of compliance areas such as anti-money laundering, financial privacy, cybersecurity, and consumer protection. He also works closely with banks and their directors and senior leadership teams on sensitive supervisory and strategic matters.

Mike works with a number of banks, lending companies, money transmitters, payments firms, technology companies, and service providers on innovative technologies such as bitcoin and other cryptocurrencies, blockchain, big data, cloud computing, same day payments, and online lending. He has assisted numerous banks and fintech companies with the launch of innovative deposit and loan products, technology services, and cryptocurrency-related products and services.

Mike has advised a number of clients on compliance with TILA, ECOA, TISA, HMDA, FCRA, EFTA, GLBA, FDCPA, CRA, BSA, USA PATRIOT Act, FTC Act, Reg. K, Reg. O, Reg. W, Reg. Y, state money transmitter laws, state licensed lender laws, state unclaimed property laws, state prepaid access laws, and other federal and state laws and regulations.

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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    Inside Privacy
  • Organization:
    Covington & Burling LLP
  • Article: View Original Source

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