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Visa, the global payments technology company, yesterday launched a new roadmap that sets the direction for payments security in Sri Lanka for 2020 and beyond, in association with the Payment Card Industry Association of Sri Lanka (PCIASL).
Visa said that as millions of devices are reshaping how payments are made and accepted, bringing Sri Lanka to the forefront of online payments in the region, Visa’s undertaking is seen to be both timely and relevant.
Launching the Visa Future of Security Roadmap, the Roadmap, Visa’s Head of Risk for Asia Pacific, Joe Cunningham, said: “Securing the commerce ecosystem is a shared responsibility and everyone has a role to play in protecting Sri Lankan consumers and businesses from breaches of any kind. “
“Visa has a principle of responsible innovation. We need to balance security with customer experience, ensuring no innovation compromises the integrity of the ecosystem. Towards this end, we are proud to unveil Visa’s Future of Security Roadmap for Sri Lanka which will continue to be updated as the commerce landscape evolves.”
In Sri Lanka, a growing interest in e-commerce has fuelled the country’s economic drive, giving many Sri Lankans the opportunity to engage with regional and global markets online. Sri Lankans are keen to embrace expansion and enhancement of payment gateways globally and are conscious of ensuring the safety of such payments.
Payment Card Industry Association of Sri Lanka (PCIASL) Chairman Thusitha Suraweera, while unveiling the Roadmap, said: “The commitment shown by Sri Lankan institutions, merchants and the payments networks, including Visa, has led to ingrained trust in digital payments, trust that is well-deserved. Our collective responsibility is to continue protecting and delivering on this trust, as we enable new and exciting ways to pay.”
While global fraud rates remain near historic lows, fraud continues to shift online: card-not-present fraud, where transactions are conducted over the phone or online. This is particularly important within the context of significant e-commerce growth in Sri Lanka, highlighting the need to focus on reliable, secure and convenient platforms for digital payments.
Commenting on the launch, Visa’s Country Manager for Sri Lanka and the Maldives, Anthony Watson, said: “New research commissioned by Visa around the world has found that people could be doing more to protect their personal and financial information in today’s digital world. In recent years, we have seen the emergence of the digital savvy Sri Lankan consumer looking for convenience and speed in their digital payment experience. Technology has enabled truly seamless commerce, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we give to new products.”
While Visa’s Roadmap focuses on a number of initiatives which will enable security to evolve at the same pace as the technologies changing the way we pay, the core tenets of the roadmap include:
Devalue data by removing sensitive payment data from the ecosystem and making stolen account details useless
Protect data by implementing safeguards to protect personal data as well as account details
Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions
Empower everyone, including accountholders and merchants, to play an active role in securing payments
Visa works with industry stakeholders including financial institutions, merchants, policymakers, law enforcement and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Sri Lankan payments security. Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Sri Lankan industry bodies to align security initiatives.
