COUNTING DOWN TOWARDS FULL PSD2 IMPLEMENTATION IN THE EU
Netherlands, Nov 2020 – The world of online payments in the European Union is about to undergo a major change, bringing new functions and safer services.
PSD2 (European Payment Services Directive) and the SCA (Strong Customer Authentication) will comes into force across the EU on 1 January 2021, and in the UK on 14 September 2021.
These dates are already later than originally planned, and the European Banking Authority (EBA) has indicated there won’t be any further extensions.
We recommend that all constituents of the ecommerce payments ecosystem should work to these deadlines.
PSD2 is designed to protect customers, merchants, and issuers by helping to prevent fraud on electronic payments. When SCA becomes effective, some payment transactions (when both issuer and acquirer are in the European Economic Area) will need two-factor authentication. If a transaction can’t be authenticated, the issuer may decline it.
It can be hard for merchants to navigate through the issuer landscape and ascertain the state of readiness. Merchants who’re struggling to navigate the issuer landscape can reach out to their payment platforms and acquirers to find out about an issuer’s state of readiness and the options available.
We at Digigamma will be fully ready and committed to deliver the best services and solutions to all our Merchants. Ensuring their business, a smooth and reliable transition towards this new era of secure payment in the EU zone, the PSD2.