This morning, Stripe released a study forecasting that Europe stands to lose €57 billion in economic activity in the first 12 months after Strong Customer Authentication (SCA) takes effect.
In response, please find a comment from Richard Matthias, HPL EMEA, LiveArea below: “Today’s report should not come as a surprise to retailers, who faced a similar challenge with the introduction of GPDR.
There is no question, PSD2 and Strong Customer Authentication will fundamentally affect every ecommerce provider. It represents one of the largest challenges that online retailers will have ever faced.
The shift will force retailers to revolutionise checkout, and this level of upheaval can cause instability. Ultimately the brands that ensure customers have a friction-free experience, while also benefitting from the anti-fraud measure promised in PSD2, will be the most successful. Whether that be moving into the payment provider market or enlisting the services of companies like Stripe, Adyen or Braintree to make the experience as smooth as possible, brands must reassess their process now or face frustrating customers and falling foul of the regulations.”