Source: Dumb Little Man
More and more of life nowadays is conducted online. From social media to streaming movies on Netflix to grocery shopping, many aspects of our daily routine are not possible without an internet connection.
Since online shopping has evolved into such a big deal, this trend would surely catch up with payments, too.
Online payments have been possible for a while now, but only recently have e-wallets started to become more widely adopted. Now, thanks to the new EU privacy laws, they are expected to become safer for consumers, too.GDPR to Set Stricter Rules on Data Protection
The new General Data Protection Regulation (GDPR) is the cornerstone of European legislation on protection of personal data, replacing previous regulations. It aspires to provide a stricter and more comprehensive system of protecting personal information and recognises privacy to a fundamental human right.
It will go into effect this year, on May 25, 2018, and will impose more obligations on businesses and organizations that handle the personal data of EU residents. If companies fail to comply with the strict requirements, they face fines of up to €20,000,000 (roughly $24,000,000) or 4% of their total global profits.
The GDPR imposes obligations that include taking technical measures like data encryption and pseudonymization so that companies can ensure that they are adequately protected against security breaches and hackers. It also…
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