However, the research also discusses a few regulatory items introduced by the European Union that pose major challenges, specifically for international marketplaces. More precisely, the new Payment Services Directive (PSD2) to be introduced from January 2018, requires all merchants operating under a marketplace business model to acquire a payment institution license. The costs and efforts attributed to getting such license will have a massive impact on the business activity of merchants, and the most preferred solution is to partner with a compliant solution provider.
“Acting as a link between buyers and sellers, online marketplaces have created an incomparable level of security and usability for the involved parties that better support merchants in their international expansion,” says Cheng Liem Li, CCO, Payvision Group.
“However, these operators are currently confronted with regulatory changes predicted to severely impact their business. We are well-equipped to take away the regulatory complexity with SlicePay, our PSD2 compliant payment solution, and enable the marketplace to focus on growing their business across many regions and reaching new consumers.”
Furthermore, the latest consumer technology trends such as VR/AR, data science, blockchain technology, artificial intelligence and machine learning together with the Internet of Things (IoT), enable merchants to reach their cross-border customers in a way that was never possible before. Consumers have higher expectations in terms of shopping experience, pushing merchants to constantly reinvent their e-commerce strategies. Previous ArticleData breaches in Financial Services on the rise globally
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