The PCI Council’s move to delist mobile payment applications is still a hot topic of conversation.
In a recent interview with Mike Vizard of IT Business Edge, our co-CEO Henry Helgeson was asked about the situation. As the conversation weaved in and out of why this is all happening, Vizard asked a question that we haven’t been posed yet, but begs an answer.
“Is this going to hold up mobile e-commerce in general, do you think, or will it make people weary of the whole category?”
Below is Helgeson’s reply, which dives more deeply into why and how the PCI’s decision has such far-reaching impact.
“I think it will because it is definitely not encouraging development right now. We don’t know where we are or what we’re supposed to be doing. This is the type of environment where ingenuity and product development thrives.”
Helgeson went on to explain how it affects card brands.
“Right now we’re in a race with all these emerging technologies and payment platforms. And the Council has basically said that all the existing card brands products are on hold in the mobile products market, while everyone else continues to develop. It’s put the card brands at a disadvantage because they don’t have people who can understand this on the PCI Council.”
Helgeson went on to say that processors and card brands need to work with the PCI Council now to create standards for securing mobile payment options, rather than not working with the council and placing innovation in further jeopardy.