New European payment services regulation

[Mercado4]

First, here is the source so you can read and analyze it for yourself.

Payment services deal: More protection from online fraud and hidden fees | Spravodajstvo | Európsky parlament

My take it is that the goal is to make the business a lot more difficult for startups and smaller companies in this field - see the bullet point "Enhanced level playing field between banks and non-bank payment service providers"

Somehow reminds me of my own experience 20 years ago, when I ran a startup providing cell phone based payments... One of our clients demanded we get PCI DSS certified (back then it was a new standard pushed by VISA/MC cartel)... Even though we were PCI DSS compliant in terms of their rules and regulations, we were not PCI DSS certified... Certification cost: a mere $1 million which for many startups is simply unthinkable. In the end we lost the customer.

Our other clients could not care less... And my only consolation that the same person who demanded we get PCI DSS certified lost his job later for reasons regarding his performance.

My $0.03 (used to be $0.02 but it has been adjusted for inflation).

Cheers

 

[CEO]

Unfortunately, things are becoming more difficult day after day.

 

[JohnnyDoe]

When the EU says "users better protected" you can immediately smell the next fraud.

As usual they impose more reporting, more liability, more procedural obligations, identical rules applied to entities with radically different scale. A bank with 20,000 compliance staff can absorb it, a startup dies quietly and is later praised as “market consolidation”.

Consumers fraud doesn't go down, it just migrates. Instead, the cost of entry goes up, as well as the regulators' power.

Result: innovation dies, fees increase, service worsen. More concentration of power, more money in the pockets of the corrupt EUSSR bureaucrats and their friends.

Think of something concrete that the EU ever did to improve your life. Think hard.
This is what will come to your mind:

 

[Justit]

…while something as straightforward as seasonal clock changes - approved by the European Parliament in 2019 and meant to be abolished by 2021 - has still not happened. It makes one wonder what the point of parliamentary votes is, if their outcomes can be ignored, seemingly in favour of the interests of a few or simply due to inertia…

 

[void]

Think of something concrete that the EU ever did to improve your life. Think hard.
This is what will come to your mind:

the bottle cap will be one day (alongside the cookie banner of course) on the famous list of what they gave to us

 

[JohnnyDoe]

the cookie banner

I refuse to have it on my websites.
Does this make me a criminal?
How do they enforce this stupid rule? After so many years, nobody has complained.

 

[Fiscal]

I refuse to have it on my websites.
Does this make me a criminal?
How do they enforce this stupid rule? After so many years, nobody has complained.

It's a useless facade. The terms and conditions and cookie banner should specify which data is being used. 99% of sites copy and paste it from another site, so it's completely inaccurate most of the time. Not that anyone reads it anyway.

If they really wanted to do something about it they'd have to address the actual tracking (which would kill a trillion dollar industry, so not a good idea). Right now, they're just slapping annoying labels that don't really help. Typical EU bureaucracy.

Moreover, only sites with ads will be able to truly use the data. And it's not like people would refuse to visit websites, making the internet entirely inaccesible for themselves.

Think of it as an annoying table in the common hallway right in front of your apartment door. You have to move it every time to get in, even though you're there every day.