Clearly, the payment services industry has got to the point where an important change is expected to take place. There are quite a few indications to suggest this. The EU has enacted and put into effect the legislation that regulates payment and electronic
money institutions.
Maxim Ivanchenko, CEO of Canopus IT, says that a new version of the EU Payment Services Directive (PSD 2), which will absorb a whole range of innovative ideas and concepts is now in the making. On the other hand, revolutionary technologies such as the blockchain,
smart contracts based on the blockchain technologies and others gain in popularity. Contactless and mobile payments have become a common facility. This can be observed in our day-to-day life. Nearly all modern smartphones are equipped with NFC chips. One can
say that we are witnessing the birth of a new, alternative payment industry, which is becoming a true competitor of the traditional one.
The evolution of technologies will clearly contribute to both the appearance of more sophisticated information security tools and hacking techniques. In August 2015 internet payment security guidelines issued by the European Banking Authority (EBA) and European
Central Bank came into force. This document describes in enough detail all security aspects of the internet and mobile payments.