The EBA proposal means implementation of Strong Customer Authentication (SCA) for transactions over EUR 10 (USD 10.60). By introducing security checks, such as password entry or use of a card reader, online and mobile checkout could encumber customers to finalise purchases.
According to research by Visa, the changes could impact as much as EUR 6 billion (USD 6.3 billion) in transactions across Europe as 95% of Europeans currently spend more than EUR 10 online. Cart abandonment would increase as more than half of consumers said they would abandon purchases if more steps were added to checkout.
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