The financial regulator has extended the deadline for new rules on online payments for 18 months, which the BRC says “avoids a payments cliff-edge”.
The implementation of ’strong customer authentication’ (SCA), which require two-factor identification for online purchases, will come into effect from September 14.
However, today the Financial Conduct Authority (FCA) said businesses will be granted a grace period until March 2021 to implement the feature, which has been introduced in a bid to crack down on online fraud.
The delay came after industry groups warned that card issuers, payment firms and online retailers would not have time to implement the changes and that customers could be impacted as a result.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.