The introduction of EMV in 2016 shook up the finance and retail ecosystem. Retailers now accept the card chip technology worldwide when consumers purchase goods inside the store. EMV put a stop to innumerable card fraud schemes. The incidence of fraud was so much that the consumer product industry recognized the requirement for a standardized approach and substantial schemes. The result is the EMV, named after the Europay, MasterCard, and Visa. The three companies fixed the standard.
Comparing EMV with GDPR
EMV was a significant payment change in decades. The first step towards the compliance was to comprehend its scope. The introduction of EMV made retailers responsible if any fraud occurs with credit card processors. This liability was previously with the credit card companies.
The EMV was a significant step forward for the protection of consumers. It also had a huge impact on the retailers who were compelled to revamp the payment infrastructure. The country witnessed new systems being rolled out. Credit card providers and banks issued millions of brand new cards. The EMV chip quickly became the dominant technology within a space of 24 months. Similar to the EMV, the future General Data Protection Regulation (GDPR) represents progress towards consumers' privacy protection. The affected business should complete considerable upfront work for due compliance. The May deadline approaches fast and the EMV roll-out successes along with the failures serve as a useful example. Similar to the EMV, publishers, and advertisers will be subjected to serious financial problems in case they fail in their GDPR compliance. This may come up to four percent of revenue or a maximum fine of 20 million euros. It is thus apparent that publishers and advertisers must communicate ahead of GDPR. The EMV roll-out saw consumers getting frustrated due to the slow action of the newly introduced technology. Consumers frequently directed their frustration towards retailers- an action sans any kind of justification.
GDPR new experiences
GDPR carries a similar experience. The consent of the consumer will be asked by publishers before utilizing their data. There will be no reliance on any obscure terms and arcane conditions. It is their task to remind the clients that the system is designed to protect privacy so that any confusion and push back could be circumvented as this regulation comes online. There are possibilities that consumers could be alarmed or confused by brands suddenly questioning them. The consumer may believe the information to be less secure if the publishers are communicating more concerning the process.