GDPR Strikes US Mobile Payments Users, Others as a Good Plan

June 22, 2018         By: Steven Anderson

The General Data Protection Regulation (GDPR) set of regulations sets forth a lot of limits for companies that hold or use consumer data. It mandates security and other such matters, and given the kind of impact that security has had on the mobile payments market, data security has people paying attention. While GDPR is mainly a thing in Europe, a recent study Helpshift tipped us off about suggests that GDPR might be welcome in the US too.

The study found that most of those surveyed—80 percent—don’t really know what GDPR is, but they like one key component of it: the right to be forgotten. Two out of three respondents in that study actually plan to request that right, and another 62 percent are planning to request a copy of the information that companies currently hold on them.

Helpshift is uniquely positioned to take advantage of these developments, as its primary offering of automated customer support depends, at least to a certain degree, on access to customer data. With over 130 million active consumers a month to its credit, and installation on two billion devices, it likely has a good handle on how people feel about security.

Helpshift’s chief strategy officer and co-founder Abinash Tripathy noted “With the EU enacting GDPR and the public outrage over Facebook privacy violations, it is clear that customers are starting to care a lot about their privacy. CRMs collect a lot of data about customers in order to enrich the transactional sales process and GDPR will require that this data is collected only after customer consent has been granted.”

Customers have cared about privacy well before Facebook’s “privacy violations”; just ask anyone who’s considered using mobile payments, but didn’t because of a perceived lack of data security. While certainly, Facebook’s issues have given privacy and security even more limelight, concerns were always there, and some even believe it’s held the concept of mobile payments itself back.

GDPR-style principles may not completely fix the problems of a perceived lack of security, but there are certainly plenty who believe it’s at least a good start. Addressing issues of security and data privacy are a big help to the mobile payments concept; it’s been one of the concept’s most enduring problems since it got started.