Payments is an industry ripe for disruption. Research suggests that anywhere between 30-50% of fintechs are developing payment technology. The reason for this is clear – payment networks are built on last century’s technology. A clean sheet design built on a modern stack will have many technological advantages.
However, as any investor knows, the challenge for a start-up isn’t the technology—it’s market need and industry readiness. In order for innovative payment technology to be widely adopted and succeed, the industry must overcome inertia and inch forward with security as a main priority.
Planning your security approach as you develop your payment apps? Here’s a starting point to guide your approach: