The Council of Ministers have revealed plans to tighten rules on the authentication of payments made via mobile wallets.

"The Council of Ministers’ presidency recommended that customer authentication should be mandated in a range of payment scenarios, including where consumers wish to register sensitive payment data to be used in a wallet solution. EU countries should ensure that payment service providers (PSPs) implement the authentication procedures."

"Customer authentication should also be required in cases where consumers want to access their payment account online, make an electronic payment transaction or signs up to an electronic debit mandate."

"Plans to reform existing EU laws governing electronic payments with PSD2 were first published by the European Commission in 2013. Under the reforms, third-party payment initiation service providers would need a license to operate in the EU."

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Ecommerce sales around the world are expected to reach USD 2 trillion in 2015.

"From 1994 to 2012 ecommerce sales reached USD 1 trillion and in 2014 the value reached to USD 1.5 trillion."

"Ecommerce business has developed at a fast pace, mainly due to Software-as-a-Service (SaaS) technology, which helps automate processes that used to be complicated: credit cards, payment wallets, shipping, taxes, etc."

"In 2013, US SMEs ecommerce market topped USD 76.76 billion and is expected to surpass USD 100 billion in 2015."

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The Chinese third-party ecommerce services market is expected to expand to 20.91% CAGR by 2018.

"Ecommerce services market in China is divided into five: digital marketing, finance and payment, software and IT systems, fulfilment and customer services."

"One of the major emerging trends in this market is the blurring of the line between ecommerce and commerce because sales channels are being integrated and customers are having a consistent experience across all channels."

"One of the major drivers in the market is the increased number of customer touch points. The buying preferences of customers are changing with technological improvements, which have generated the need for more online sale channels."

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The Chinese third-party ecommerce services market is expected to expand to 20.91% CAGR by 2018, according to recent findings.

The same source mentions that the ecommerce services market in China is divided into five: digital marketing, finance and payment, software and IT systems, fulfilment and customer services.

One of the major emerging trends in this market is the blurring of the line between ecommerce and commerce because sales channels are being integrated and customers are having a consistent experience across all channels, according to the ‘The e-Commerce Services Market in China 2014-2018’ report issued by the market research agency Market Research.

According to the report, one of the major drivers in the market is the increased number of customer touch points. The buying preferences of customers are changing with technological improvements, which have generated the need for more online sale channels.

Source Smartinsights.com

Source Paylane.com