No Pain, No Gain? GDPR, PSD2 And The New Payments Reality
The State of Security
Last year brought the General Data Protection Regulation (GDPR) deadline, Europe’s attempt to boost online privacy and security for consumers — a law that just resulted in a $57 million fine against Google, which was accused of not doing enough to gain the consent of users when collecting data meant for targeted advertising.
This year brings the Second Payment Services Directive (PSD2) deadline, also in Europe, with its designs meant to encourage more security and innovation in the payments and FinTech spaces. Parts of PSD2 are set to take effect in September 2019.
Those two regulations — already having an impact on the planning and operations of players in the payments, commerce and digital spaces — promise to significantly shape those worlds in the coming years, no doubt in ways that can barely be predicted now, as is the case with many laws and regulations.