Data

GDPR Becomes Reality, Consumer Data Becomes Global

gdpr-eu-privacy-international

It was a long time coming, but it’s here.

As the world knows by now, the European Union’s General Data Protection Regulation (GDPR) took effect on May 25. The mechanics of what firms have to do when it comes to collecting, managing and processing data has been well-publicized.

Equally well-publicized has been the readiness — or lack of readiness — of firms to bring data under the control of the consumer. After all, it’s the individual who can ask to be deleted from databases, to leave as little a virtual trail as possible in this world of commerce rendered in bits and bytes — which is no small order for the companies asked to do this.

And no small debate, either. Consider the fact that now companies must contend with privacy issues as data moves across borders, and, in general, windows for reporting breaches have been shortened to 72 hours. Companies have to beef up staff, must change the way they do risk analysis and must eye, constantly, the data they possess.

Welcome, then, to the digital economy on the grandest of global stages, where data and anonymity are both precious. We’ve gathered thoughts on GDPR from payments luminaries. Here’s what they said about the challenges and rewards of a new regulatory environment.

Read on.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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