Visa, Mastercard, Amazon.com and others worry that a botched implementation of new online payment-security norms will mean competitors based in different EU countries gain an unfair advantage. Time is running out for the EU’s banking authority to provide the clarity that payment providers and web stores need.
EU laws due to take effect in September aim to cut fraud when buying online, but the industry isn't ready and demands more clarity. All eyes are on the European Banking Authority to ensure the switch takes place consistently across the block.
In June, just months from the date when extra credit-card checks were due to take effect, the EBA offered a stay of execution. That was met by a sigh of relief from an ill-prepared industry. But crucially, the watchdog forgot to say how long its leeway will last. The regulatory uncertainty is doing little to help payment providers, banks and web stores to prepare.
Payment providers, online stores demand clarity for EU card-security rules
28 August 2019 8:30pm