Online payment systems in Europe have grown exponentially and have evolved a lot according to technological developments in electronic payment systems. But electronic payment in Europe faces many challenges. To learn more about these challenges and how to address them, read on.
Challenges Facing Online Payment Systems in Europe
Europe faces a number of challenges in electronic payment, such as the rest of the world.
Counter Cardholder Data
This is a very big challenge, especially in e-commerce and card fraud. It is important to take advantage of PCI SSC standards that maintain card security standards. PCI SSC aims to secure cardholder data.
PCI SSC is one of the most important means of reducing fraud, so it is working in Europe to expand and develop standards for cardholder data.
Enable merchants to accept transactions
Traders who do not have a static website face a major challenge in accepting secure chip and PIN-based PIN transactions, so a new SPOC standard based on PIN Entry software has been used to help them improve customer experience and overcome e-payment problems.
Challenges of small traders
PCI teams have created a team of small traders at the beginning of their business, PCI Small Merchant, and distributed the core resources of the new PCI data security to these merchants, in accordance with guidelines issued to young traders in advance, Dealing with critical security risks in their online payment environment.
Challenges of accepting payments through additional equipment
The new software, the PCI Software Security Framework, will be launched, providing additional security, enhancing secure e-payment solutions, and developing security requirements for solutions that enable the merchant’s COTS to accept non-contact payments without the need for a reader.
Security issues of electronic payment services retail
The European Central Bank (ECB) has provided a collaborative initiative involving authorities in the European Economic Area to facilitate understanding of issues related to the security and protection of electronic payment services.
Europe is involved in setting the PCI DSS standards
Europe is participating in the designation of the global PCI DSS standards to suit these standards for European traders and other organizations.
There is also a strong European representation in the management of the PCI DSS working groups, providing an important advantage for European traders and protecting their electronic payments against thefts and frauds.
Most European countries used for online payment
Sweden is one of the most important European countries that have implemented all electronic payment solutions. Cash handling has reached only 1%. Thus, in Sweden, all merchants and all service providers are dealt with through electronic payment and credit cards.
You see shops with the slogan “We do not accept money”, which has enhanced electronic payment methods, in accordance with the many advantages of the use of electronic payment methods.
According to the Central Bank of Sweden, its use of money has reached less than 20% of transactions in stores, a significant development compared to the previous five years, which was equivalent to 50% of transactions.
Tax experts also support e-payment, credit card use, avoidance of tax evasion, and ensure tax justice for all segments of society. Thus, selling and buying operations will be transparent to tax institutions.
So, despite the challenges facing e-payment in Europe, it has many advantages for European countries to benefit and protection against theft and fraud.