While a direct correlation between the novel Corona virus, COVID-19 and the reimagining of secure payment systems might make sense to those whose livelihoods are directly affected by such considerations, it still makes for some interesting reading to explore the link. While secure payment systems have generally followed a trend driven mostly by steady technological advancement and emergent consumer behaviour, this time around the main catalyst is the global pandemic we’ve all had to deal with in some or other way.
One of the most glaring changes in how secure payments are handled is that of how there’s inevitably a greater demand for them. Because of the need to practice social distancing, more consumers are staying home and ordering products and services online. Supply-chain players and other B2B and B2C economic and financial relationships are changing too, requiring less contact and more remote transactions.
What all of this means is that there’s a greater demand on the secure payments technical infrastructure that makes it possible for a client to be able to order and pay for a product or service digitally. So what is most logically a networked system basically just gets put through its paces more frequently, with its effectiveness subsequently put to the test.
Greater demand on a system invokes that secure payment system’s scalability. This means service providers of such systems either have to increase capacity, by physically and digitally tweaking the technical infrastructure, or they can just tap into the built-in scalability that already exists.
Wider adoption and deployment
While each seller who is offering a service or product for sale may ultimately present the end-user with one of their range of preferred payment processing options, every single transaction ultimately has to be supported by an underlying technical and networking infrastructure. The bigger the merchant the closer they get to having to consider a more hands-on management of this tech and networking infrastructure.
Indicatively increased risk and tighter security
Naturally if the masses are flocking to the same technology and networking infrastructure, its security comes in for some closer scrutiny. With many more remote transactions essentially forced upon all enterprising individuals and organisations, there’s a wider-spread adoption and integration of secure payment systems that have actually been in existence for as long as e-commerce has existed in its many forms. Any payment companies processing electronic payments that need to secure cardholder data can use secure payments infrastructure security providers like https://myhsm.com/
The one-man e-commerce site owner, for instance, who might be running their operation from their garage, would be just as concerned about the overall security and effectiveness of their payment processing infrastructure as the biggest and most established players in that and other industries.
The need for wider integration has also become an inevitability, which spotlights the need for cross-platform compatibility in the security as well. If a paying customer takes up delivery of a product or service they ordered, for instance, the strength of the overall system resides in technicalities such as backup operations, etc, should there be something like an instance of one of the financial services involved in the transaction not being fully operational at a crucial time.