Pay.UK published a paper yesterday providing an overview of the UK consumer protection landscape relating to disputed payment transactions.
The paper sets out the payments landscape, the consumer protection landscape and then implications of that changing. It also highlights that:
- there are several viable payment mechanisms available which offer different levels of protection for consumers;
- Open Banking and PSD2 means that it’s a ever-advancing market; and
- payment protections aren’t viewed by the public in isolation – they are seen as supplemental to legal, personal and retailer protections.
Following this research, Pay.UK plan on continuing its policy work on whether Pay.UK rules and standards could be used to help improve consumer protections in the future.