Sir, – I refer to the stark warning that the "EU's online economy may lose ¤57 billion over new payments rules" (Business, June 4th) and that businesses are unprepared for the relevant changes.
The relevant directive does not impose any obligations on online retailers. It requires that those providing payments services afford additional protections to the consumer while shopping online.
Much of the required technology is already in use.
Research from Visa suggests that the enhanced technology developed to comply with the requirements of the relevant directive will reduce the amount of time it takes to pay for goods and services online by 85 per cent, and reduce the abandonment of online transactions by 70 per cent. This is to the benefit of consumers and retailers.
The European Union is not banning straight bananas, or donkey rides on beaches, but is fostering the creation of a safe, sustainable single market in payments to the benefit of consumers and the European economy. – Yours, etc,
JAMES LILLIS,
Westminster,
London.