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Visa Launches Payments Security Roadmap To Strengthen Tourism And Economies in the Pacific

Visa Inc. (NYSE: V) yesterday launched its Future of Secu­rity Roadmap (‘the Road­map’) for the South Pacific. Visa’s Head of South Pa­cific Andy McCowan said it introduced initiatives to strengthen
13 Dec 2018 10:21
Visa Launches Payments Security Roadmap To Strengthen Tourism And Economies in the Pacific
From left back: ANZ Fiji Country Head Saud Minam and Visa’s Head of South Pacific Andy McCowan. From left, front: Bank South Pacfic’s Ravindran Singh, Bank of Baroda and Deputy chairman Association of Banks in Fiji Sudhansu Khamari, BRED Bank Fiji Limited chief executive officer Thierry Charras-Gillot, Outgoing Westpac Bank Fiji general manager Brett Hooker, HFC Bank and ABIF chairman Rakesh Ram, Visa’s Director - Risk Services, Australia, New Zealand and South Pacific Carolina Gallegos and Visa’s Senior Director, Government Relations, Australia, NZ, South Pacific Helen Seidel.

Visa Inc. (NYSE: V) yesterday launched its Future of Secu­rity Roadmap (‘the Road­map’) for the South Pacific.

Visa’s Head of South Pa­cific Andy McCowan said it introduced initiatives to strengthen the security of the payments ecosystem and help address the threat of fraud in the region.

The Roadmap includes measures to protect sensi­tive accountholder data, in­novative fraud prevention tools such as 3-D Secure 2.0 for e-commerce and mobile transactions, and advanced transaction controls and alerts to cater for the grow­ing demand of self-service banking.

Visa has developed the Roadmap in partnership with South Pacific govern­ments, financial institu­tions and leading industry participants to protect and strengthen their economies, its people and key sectors such as tourism.

“Critical industries, par­ticularly the high-value tourism sector, which is estimated to generate over $US3 billion (FJ$6 bn) annu­ally for the region, will di­rectly benefit from an even greater emphasis on meas­ures to safeguard against fraud and boost industry compliance of crucial se­curity standards,” says Mr McCowan.

The Roadmap also helps pave the way for greater use of contactless technology for South Pacific residents and visitors to enjoy, includ­ing the ability to pay using mobile and wearable devic­es, he says.

“Australian and New Zea­land visitors account for a 52 per cent share of total tourist arrivals and these countries rate among some of the highest for consumer uptake of contactless pay­ments, so the Roadmap is designed to help South Pacific tourism opera­tors serve visitors in ways they’re used to, enabling them to tap and pay.

“With over four million mobile subscribers in the region, more than 18,000 contactless enabled point-of-sale terminals and three million annual visitors, the South Pacific requires a sol­id plan to ensure innovative and convenient payments security for locals and visi­tors alike.

“In Fiji, Tourism revenue is extremely important for the economy and making sure that Fiji is safe and secure place to come and spend their money is also important.

“When people feel safe and secure they will use more money from their Visa cards when they are travel­ling.

“At the same time there is mutual relationship be­tween the Fijian people to use their Visa cards in the same sport of manner over­seas.”

Association of Banks in Fiji chairman Rakesh Ram says the launch of Visa’s security Roadmap dem­onstrates the company’s commitment to Fiji and the broader South Pacific region.

“We welcome Visa’s focus on working with govern­ments and the business community to find ways to address issues such as fraud, while at the same time introducing new and innovative payment tech­nology,” Mr Ram says.

Mr McCowan adds that Visa is working with indus­try partners to achieve 100 per cent EMV chip accept­ance, which will mean eve­ry consumer and merchant can benefit from additional security layers.

In addition, the Roadmap provides for biometrics au­thentication in which pay­ments can be made by fin­gerprint and retina scans, facial and voice recogni­tion; and tokenisation.

This is a process which removes sensitive data from the payments ecosys­tem and replaces it with a unique digital identifier (a ‘token’).

“For 60 years Visa has been a leader in payments secu­rity, guided by the principle of responsible innovation. This means any new capa­bilities we develop must also be secure, which is why Visa continues to invest to drive security across the payments ecosystem, while improving the payments experience for consumers,” Mr McCowan said.

About the Roadmap

The Roadmap has been de­veloped for all South Pacific island nations, regardless of size, from Fiji to Papua New Guinea, Samoa, Tonga, Vanuatu, Solomon Islands, Timor Leste, New Caledo­nia, Tahiti, Kiribati (includ­ing Canton and Enderbury Islands), Niue, Nauru, Toke­lau Island and Tuvalu and is focused on four strategic pillars:

n Devalue data by remov­ing the sensitive data from the ecosystem and making stolen account details use­less.

n Protect data by imple­menting safeguards to pro­tect personal data as well as account details.

n Harness data by identi­fying potential fraud before it occurs and increase con­fidence in approving good transactions.

n Empower everyone, in­cluding account holders, third party providers and merchants, to play an active role in securing payments.

To find out more about Visa’s Future of Security Roadmap read the attached document.

Feedback: maraia.vula@fijisun.com.fj

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