Online shopping community is in trend these days. Every other people sitting next to you or even you are doing is shopping online. Well, what’s better than getting your stuff delivered at home rather than going out and purchasing it standing in a queue, right? Nothing is, and that is the only reason why people are on this online platform for purchasing stuff.
Online Shopping well has been made secure any platform you shop today through your mobile phones and any other handy devices. Online Shopping Platforms like Alibaba, Amazon, Flipkart, Snapdeal & many more have made online shopping easy for its customers they use secure payment gateways which allows the user to securely pay for the products they have purchased online through the store.
A detailed report from the UK about the national fraud case has been discovered which states that “there is a flood of crime due to which the EU is set to introduce new regulation on September 19 that aims to increase the security of online shopping.”
The EU union changed the legislation which threatens to make the checkout experience a little more complex and secure by associating some extra checks and balances to complete the transactions.
This will be applied to customer-initiated transactions which cover for the one-off payments on ecommerce websites. Well, the Direct Debit service will not fall under this rule as the service is initiated by the payment service.
The new rules will be applied to the transactions where the business and the cardholder’s bank are located in the European Economic Area, and this is the case which will decide the direction where the Brexit goes.
The newly released payment standard might balance the nuisance of two-factor authentication problem. The 3D secure payment standard on which the customers are more likely to be familiar with under its branded names such as Visa Secure or MasterCard ID check provides an additional step towards the payment process to reduce the risk of fraud.
Well the newer version of the standard issued in 2019, promises the help in streamlined transactions. Biometric information such as fingerprint will be more helpful for the customer to pay securely online for the good they purchase through these online stores.