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In the new, digital era of payment management and shopping, protecting customer data is a top priority. TL;DR PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust. Each requirement plays a critical role in building a secure environment for paymentprocessing.
To the incredible Stax community: allow us to take a moment to recognize a milestone that we are extraordinarily proud of—our 10th anniversary. Sprinkled throughout this article are quotes from some of Stax’s long-standing employees, because who better to tell the company’s story than the people who help make it happen?
According to the Pew Research Institute , in 2022, a whopping 41% of Americans said they don’t use cash at all for any of their weekly purchases—a significant jump from 29% in 2018. FIS Global reports that in Norway, Sweden, and other Scandinavian countries, more than 90% of transactions processed at point-of-sale (POS) in 2023 were cashless.
Worldpay stands as a leading global payments company, offering a comprehensive suite of paymentprocessing solutions to merchants and financial institutions across the globe. With a robust presence in over 146 countries, Worldpay is equipped with a team of seasoned experts who bring extensive experience in the payments industry.
Cash payments are passé. Consumers are increasingly opting for debit and credit cards or other digital payment methods—for in-store and eCommerce purchases alike. This was a huge leap from 2018 when only 29% used cashless payments for the same. This is why PCI DSS compliance is critical. security requirements are.
That’s the amount of non-cash payments made in the U.S. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. While internationally CDD can be seen as a key component of KYC compliance, within the U.S.,
Note that this differs from the service discontinuation of the 2021 versions of QuickBooks desktop. Users of the above desktop services will continue to be supported past July 31, 2024 and can keep renewing their subscriptions—it’s simply a “stop sell” of any new subscriptions after that date.
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