Tuesday, August 21, 2012
Visa readies encryption for POS terminals
Visa Inc. will begin integrating its new point-to point-encryption (P2PE) service, Visa Merchant Data Secure, into payment terminals and critical systems across the payment processing industry in early 2013, the company reported Aug. 21, 2012.
The company said merchants and acquirers will be able to add P2PE to their systems with minimal impact. For instance, merchants can choose a format-preserving option that allows merchants to integrate P2PE using a 16-digit encrypted value with their current systems.
Visa Merchant Data Secure uses the same encryption standard and key management used to encrypt a PIN at the POS. The solution enables encryption and decryption in multiple zones, giving merchants and acquirers flexibility in how they deploy encryption in their systems.
Visa said its new encryption technology is complementary to the Europay/Visa/MasterCard (EMV) technology standard the company is requiring processors to support by April 2013. P2PE technology will provide an added layer of protection against data breaches as the industry moves to the mass adoption of EMV chip-based cards and terminals, the company said.
"Working in concert, multiple layers of security including point-to-point encryption can help take merchants out of harm's way while mitigating fraud throughout the payment system," Darren Parslow, Visa Global Head of Processing, stated.
The card company said it expects to have its P2PE service certified by the PCI Security Standards Council by the time it is released to merchants in 2013.
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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