European regulations to bring ecommerce isolationism?

The white paper joins collaborators such as PiPL, ACI Worldwide, Kount and the Emerging Payments Association and addresses the potential commerce “walled garden” cause and effect of reformed regulations like the Digital Single Market, the Revised Payment Services Directive, and the General Data Protection Regulation, and the changes businesses can expect, both inside and outside of Europe.

Experts agree that even if it is estimated that 75% of the potential economic benefits from the digital transformation will be felt by Europe’s industries, benefits may fall short for retailers outside the region. Increased security protocols should work to support trading sustainability and growth. But, by restricting movements that have facilitated success in other markets, the reverse may be an undesired result.

The growing polarisation for new payment and commerce choices between millennials and baby boomers is resulting in a significant shift favouring speed over security concerns when it comes to digital payments. Fear regarding transaction security or potential fraud among consumers appears to be more focused, with concerns mainly centred on privacy, Payment Initiation Service Providers (PISPs) and third-parties. But new entries into the payment world could mean an increase in transaction disputes and subsequent chargeback activity.

In the new whitepaper, The Chargeback Company, working with large fraud solutions, payment technology experts, and SME use cases, aims to explain how can business owners leverage the changing legislation to their advantage.