New European regulative will revolutionize mobile payments
Businesses that do not want to risk losing their customers will have to recognize and implement mobile payment as the simplest payment option. With the new Payment Services Directive 2 (PSD2) proposed by European E-commerce, the game of online buying will definitely change.
Express checkout - the number one advantage when shopping online
Users indicate that payment procedure simplicity is the key benefit of using web-based and mobile wallet services through a browser or retailer’s app. But time-savers such as express online checkouts, one-click checkouts and stored credit card information are facing a new regulation as payment security gains significance.
Additional security steps will increase cart abandonment
The proposal is to introduce additional authentication steps at the checkout for every online transaction over €10. Considering that express online checkouts make up half of total European online purchases, more than 50% shoppers are likely to abandon their carts if more steps are added to the checkout!
Mobile payments from a registered device will shine
Companies will need to adapt if they do not want to start losing customers over complicated purchase procedures. This will provide excellent opportunity for mobile payment from a registered device, as it will not require a two-step authentication since it is exempt from the PSD2 regulative. Charging to mobile phone will be recognized as the best alternate solution for easy and convenient payment.