A study that has been carried out across Europe has revealed some interesting findings regarding PSD2, the new EU Payments Service Directive. This new regulation means customers have to undergo new security measures on online transactions that are more than €30. The research revealed that 88% of European retailers believe customers are aware of PSD2, but found that 76% of consumers are unaware of the regulation. These figures demonstrate a stark contrast between businesses’ expectations of what their customers know and what consumers are actually aware of.
J&P Comments
European businesses and their consumers could suffer because of the fact they have conflicting levels of knowledge on PSD2. The new directive may lead to higher rates of cart abandonment with it lengthening the checkout process, and so to reassure customers businesses need to continue to provide an excellent service in order to make PSD2 as painless as possible for them.
