Even though innovation could be the distinctive feature in the recent development of payment instruments, security has become crucial for those instruments and that is logical because we are talking not only of the assets of individuals or companies, such as their finances, but also of their identity, which in turn entails their physical integrity.
In every bank marketing campaign related to a new payment instrument, security becomes the most important element because banking institutions know well that it is a key factor for their customers and if it is not guaranteed, they take the risk of losing their customers.
Security is the central theme of the RSA Conference (San Francisco), an annual event that brings together experts and leaders in IT security and related areas. During the RSA Conference 2015 (April 20-24) the Cybersecurity initiative of US President, Barack Obama, was a matter of interest because previously the President had issued an executive order authorizing the government to impose penalties to people responsible for cyberattacks that threaten US national security and because of it is declared the national emergency on this matter. This initiative shows how important is security, even though not specifically in the area of payments instruments, but in a highly related field such as IT.
Nowadays and due to security reasons, cards are migrating to a more reliable and sophisticated format: the EMV chip, a safer technology than the magnetic stripe. In the bank area, technology is developed to guarantee, both the bank institutions and customers, their own security and identity, besides providing comfort and speed for transactions.
In relation to the new payment instruments it is expected that security can be guaranteed to its users, so they can be calm when using them, without concerning about hackers or the identity cloning.