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For eCommerce, Challenges Amid SCA And Payments Friction

Challenges Amid SCA And Payments Friction

SCA. PSD2. GDPR.

The acronyms pile up. And for merchants, for European banks, for payment service providers, the landscape is changing for data privacy and security. The most recent PSD2 Tracker details how new mandates governing how data is collected and used (and how consumers can control use of that data) is transforming the payments ecosystem. Consumers and merchants are also grappling with new ways authentication must be handled.

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Data:

84 percent: Share of GDPR-compliant companies that say the regulation has boosted customers’ trust.

32 percent: Portion of EU consumers who would prefer to cancel online purchases than go through the PSD2-mandated verification measures.

35 percent: Share of travel and hospitality services firms that would have been PSD2-compliant by the original September 2018 deadline.

20 percent: Portion of EU countries that have had fines administered since the May 2018 debut.

76 percent: Share of EU end consumers who are unaware of PSD2.

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