A Brussels crackdown on contactless payments could cause mass
confusion for millions of customers and trigger a €57bn (£48bn) hit to
businesses across Europe, experts have warned.
The new Strong Customer Authentication (SCA) rules require banks to verify a customer’s identity every time they make payments totalling €100 (£85).
It means that if customers breach this limit through
repeated contactless card payments, they will be forced to type their
pin into a machine.
There are fears that the changes – which have already been introduced
by Britain's biggest banks – will baffle customers, meaning many walk
away rather than paying.
A report published by 451 Research that was commissioned by payments
company Stripe estimated that €57bn of payments across the European
Union will be abandoned as a result of the extra checks.
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