PCI to become irrelevant?
However, over years, criticism against PCI SSC (PCI Security Standards Council), has been growing, with many analysts considering the actual role of PCI was to protect the marketshare of those who had already passed PCI certifications, against new entrants in the industry.
Recently, Square came up with its own solution. Even if Square does not disclose any detail about the security of with global system, the end user part is everything but secure, as even data encryption on the audio jack connection still seem to be an undelivered promise. Obviously, Square does not expect to receive a PCI certification with its current solution.
Followers of Square abound, Paypal the most present in terms of customers and merchant potential coverage, is seconded by Roamdata, iZettle, Swiff, Intuit, Cellfony, Moneris, … These players announce various security levels, but have in common to undermine the traditional payment terminal model.
At the same time, more players are developing applications on mobile devices, such as an iPad, that provide far better functionalities than traditional cash registers, or more globally shop management applications. Of course, these developers tend to include payment functions with Square or Square-like devices.
In a short period, everything we know about payment at physical merchants is moving. Probably, Square and its contenders will earn a share of the business, but the traditional payment terminal business is still here, and for long.