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Europe is bracing itself for a big shake-up in how we pay for things online, which will have significant consequences for businesses across the region. Similar to how GDPR hugely impacted how millions of organizations handle personal data when it was enforced last year, Strong Customer Authentication (or SCA) will have profound implications for how businesses handle online transactions and how we pay for things in our everyday lives when it is enforced on September 14.
SCA will require an extra layer of authentication for online payments. Where a card number and address once sufficed, customers will now be required to include at least two of the following three factors to do anything as simple as order a taxi or pay for a music streaming service. Something they know (like a password or PIN), something they own (like a token or smartphone), and something they are (like a fingerprint or biometric facial features).
https://thenextweb.com/podium/2019/05/10/your-business-passed-the-gdpr-challenge-but-sca-is-next/
(Score: 1) by Chocolate on Tuesday May 14 2019, @12:17PM (2 children)
I be liking the cut of ya jib there matey
I do recall seeing the cards when first they came out being a way to give money to others for gifts la la la but for ages never thought to use them for online stuff so now after they clamp down I needed to do better so instead of buying those gift ones I go for the travel cards at the bank which needs a bank account and doesn't work always for some sites and stuff but hey it's good enough. Expires every year but some banks have them for free so long as you have any account I think they try to get extra data which fails transactions but they never tell you why it fails it just errors out whereas those gift cards always work and there's no personal data behind them. Stripe dudes are awesome but paypal sucks
Bit-choco-coin anyone?
(Score: 5, Interesting) by Immerman on Tuesday May 14 2019, @01:58PM (1 child)
Honestly, I never understood the point of "gift cards" - they're no more personal than cash, just a bit less convenient to use, and almost certain to be used for things the recipient values less than what they could have bought with the more widely usable cash (even non-business-specific "cash cards" are less widely accepted than cash). Not to mention giving a middle-man a cut.
All of which strikes me as the exact opposite of the best qualities of a good gift: personal, and well considered enough to enrich the recipient more than it impoverishes the giver.
Then again I shouldn't be surprised, given how dedicated our culture has become to consumerism, whose guiding principle seems to be to manipulate people into buying things despite the fact that they generally cost far more than they enrich the customer's life.
But yeah, it does seem they would at least be convenient for online purchases that you don't want added to a bank's customer information database.
(Score: 1) by Chocolate on Friday May 17 2019, @05:32AM
Maybe bank notes could come with unique identification like credit cards that could be used like a credit card number is today.
The only problem is how to get your change.
Although, if the user enters the bank note ID into the merchant system, the merchant system creates a receipt with a key, the user goes to a bank to hand in the note along with the key, the bank matches the note to the transaction ID, gives the person change, takes a cut, credits the merchant and everyone is happy.
Bit-choco-coin anyone?