GDPR & PSD2: Squaring the circle

GDPR and PSD2 are two legal initialisms that have generated much press coverage in recent months, but they are seldom considered together.

There were around 122 billion non-cash payments in the European Union (EU) in 2016, with card payments accounting for 49% of all transactions, and the trend is continuing: UK Finance recently reported that UK debit card payments overtook the number of cash transactions for the first time in the final quarter of 2017. A remarkable milestone.

As Europeans increasingly swap cash for cards and live online, businesses have tremendous opportunities to take advantage of the vast amount of personal data generated by the increased use of payment services. Some interesting insights have been produced by Ca Low & Co, an international consulting firm specialised in the business of various industries.

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