Here's how online retailers can prepare for upcoming EU deadline on digital transactions MastercardEU ad
Digital e-commerce has grown exponentially and offers a lifeline to many retailers. Consumers love the convenience of online retail. It has never been easier to shop online, on mobile, and even by voice through smart speakers — in fact, 80% of Europeans now use their mobiles to make purchases. However, new ways to shop and to pay have added complexity for issuers and online retailers who have been tasked with safeguarding our data from cybercriminals.
But sometimes it's not personal. It is simply the process to buy was overloaded with friction, requiring one too many sign-ins from the customer. The new EMV 3DS standard and Mastercard's support easy to use authentication methods like biometrics via mobile apps which make it easier for the shopper to complete their purchase, driving up profitability for retailers and user experience.Identity Check for retailers
and do make sure you contact your acquirer or payment service provider to ensure your business is ready. Don't forget to speak to your customers. Let them know you will be making changes to your platform, highlighting the benefits, such as an easier, simpler process and more secure payment experience.
These changes will ensure that your transactions not only comply with PSD2 but also that card approval and sales conversion rates are optimal.1. Online-representative European Mobile Commerce Study across 12 markets- conducted by Innofact, November 2018
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