According to the PCI Security Standards Council, a new tool is coming to improve payment processing security on mobile transactions. Known as a “Software-Based Personal Identification Number (PIN) Entry” standard, it will allow users a better option for securely entering their financial PIN directly on a mobile device.
The technology will allow users to enter their PIN when making a debit card purchase even when the merchant does not have an external PIN pad. Business owners will no longer have to lose sales because they lack a secure device for PIN processing. The MYPINPAD venture is poised to become one of the first to help this new technology go mainstream.