To cement our presence in North America, PCI Pal are delighted to be attending the Canadian flagship Contact Center event, Contact Atlantic, later this month. The cloud-based contact center market in North America is projected to grow 8.3% by 2023 according to recent research – and Canadians will play a big role in that growth. This presents an incredible opportunity for us.
Off the back of our existing partnership with Genesys to service the Canadian market, the chance to delve into the contact center payments market and Canadian consumer attitudes toward online and over-the-phone payments seemed too good an opportunity to miss. Fragmentation in the payments space means that Canada presents a singularly interesting proposition when it comes to payments and payment security. For example, according to data from Ipsos, over half of Canadians are comfortable using contactless payments but mobile payments lag in the low single digits. The data also showed that trust is a key element in adoption, with younger consumers having much greater trust in the technology’s security while 62% of respondents over 55 worry that mobile technologies are less secure than traditional methods. This coupled with the recent findings of last month’s Verizon Data Security report, in that PCI compliance has declined since 2017, makes for an interesting paradox.
Trust is key for over the phone payments, and it’s an issue that was recently thrust into the spotlight when more than a dozen Canadian federal departments failed to meet PCI DSS standards that would ensure the security of such payments. Half of the 34 Canadian federal institutions authorized by the banking system to accept credit-card payments from citizens hit headlines for failing the test earlier this month. And, although none of these have as of yet suffered a security breach, their continuing non-compliance makes them a much more likely target for malevolent actors, risking their reputations as well as fines and the possible revocation of their ability to process credit card payments.
Consumer willingness to share personal information and trust that companies protect that information is fundamental to ongoing loyalty, engagement, and often, revenue. To lose trust and expose oneself to potential security breaches can prove costly in both the short and longer term for businesses. We’re looking forward to learning more from Canadian consumers at the show and sharing some of our own insights and experiences of PCI DSS compliance around the world.
If you’re interested in learning more about our approach or seeing a demo of our multi-award winning solution, Agent Assist, come meet the team at the event.