Retailers are poised to be the chief beneficiaries of new payments legislation introduced in the EU this year, according to new research.
Retail companies will become “the new face of everyday financial transactions” in light of the PSD2 directive, a study from Accenture has claimed.
PSD2 requires banks to grant third-party providers – such as retail merchants – access to a consumer’s online account and payment services in a regulated and secure way, with the consumer’s consent.
The research found that 74% of retailers plan to use the directive to access customers’ financial information so they can tailor products and 53% want to initiate payments directly with banks to negotiate better transaction fees.
Meanwhile 53% hope to reduce fraud through the directive and 51% want to generate relevant point-of-sale offers and discounts based on consumer spending habits.
Retail Week Payments Masterclass
To find out more about the PSD2 directive and how retailers should be preparing for this paradigm shift in the sector, come along to Retail Week’s free half-day Payments Masterclass on May 24, held in association with Divido.
The event will provide retailers with a complete overview of retail payments innovation and how to meet sky-high customer expectations.
Hear from leading experts in the sector about how the latest payment tech is being used to transform customer loyalty and meet millennial and Gen Z demands.
Attendees of the Payments Masterclass will hear from our panel of retail experts on the future of the payments sector and how to take their business’ payment offerings to the next level.
Speakers include Accenture, Amazon Pay, retail finance platform Divido and snacks subscription service Graze. More speakers will be announced soon.
Taking place at the Bulgari Hotel, London, the masterclass is free and open to retailers. To book a place please email firstname.lastname@example.org.