In Africa, the use of simple phone based payments such as m-pesa are on the rise. The infrastructures are neither complex nor expensive. The unbanked markets are seeing huge growth in mobile payments and the face of payments are changing fast even as the
west grapples with more regulatory complexities such as the Dodd-Frank, FSA and PCI DSS requirements on recording mobile communications.
The Dodd-Frank and FSA rules are contrary to the PCI DSS requirement not to store any sensitive authentication data, including card validation codes and values, after authorization even if encrypted.
Mastercard and Visa are venturing into emerging markets to boost payments. There are many tie-ups with countries in Africa and APAC. The Mobile wallet wars are increasing. Are we seeing the long history of the plastic card coming to an end soon, time only