26th July 2023
Travel merchants and companies in the payment value chain have to constantly deal with new rules and regulations pertaining to data security, payments and fraud prevention.
It is vital to evaluate how aspects like authentication, handling of sensitive payment data etc. are shaping up via regulations and that too across countries or regions.
Dealing with new rules and regulations is generally a laborious exercise since the planning, revisions and implementation takes time.
For instance, discussions around what the revised directive, the 3rd Payment Services Directive, PSD3, will feature and what impact the same will have on payments, including on merchants have initiated. This directive is an ongoing initiative in order to standardize and control the provision of electronic payments and the banking ecosystem in the EU. Just like a body evaluates whether the existing legislation is still fit for purpose or not, merchants, too, go through the same as they have to look at the conversion rate, fraud prevention etc. Some of the questions being evaluated for PSD3 are alternatives to current SCA methods, contactless payment limits, exceptions under PSD2 and so on.
Similarly, travel companies also need to meet legal requirements for data protection, looking at aspects like user and system access authorization and authentication across a set up. The regulation – PCI DSS 4.0 – too has to be prepared for, with companies prepare for compliance.
Hear from senior industry executives about the same at the upcoming #ATPSAPAC:
https://www.aiconnects.us/atps-apac-2023/
By Ritesh Gupta, Ai Events
