PSD2 European Payment Regulation

What is PSD2?

This is a new European payment regulation that allows banks to establish processes and controls both in access to online banking accounts, and in payments made from those accounts, (whether by transfer, card or any other means of payment) in order to reinforce security. The new regulations came into force on September 14, 2019 and it is likely that in these months your bank has sent you information about this new regulation.

When will the new regulations for online payments come into force?

For payments made through the internet in electronic stores, this regulation will apply from January 1, 2021, although some banks have already applied it since last November 14. The new regulations reinforce the security of online purchases, allowing greater control over the authorization of payments.

A “strong authentication (SCA)” will be applied, through the verification of the buyer and the authorisation of the payment. For this authentication to occur, two of the following three factors must be met, so that the payment can be made:

When you choose to pay with a bank card, you must enter its data (card digits, holder, CVV and expiration date) and complete the order as usual.

It is very important to enter the card details correctly. Verify the information entered before continuing with the payment process.

Once you finish the order, we will send the payment request to be processed.

Once the request has been processed, you may receive a message from your bank on your mobile, with a code or authorisation key, which you must enter correctly for the payment to be validated. The authorisation method may vary depending on the bank that issued the card.

You should consider that:

You will have to authorise the operation correctly for the payment to be made through the indicated methods (pin, authorisation code received on the phone, fingerprint, etc.). (* the bank may allow multiple attempts).

Remember to have your mobile handy during the payment process since, if not, you will not be able to finish the process.

Remember to have your bank’s application installed on your phone and have the phone’s notification service enabled. The authorisation request for the bank payment can come to you via SMS or via notification. Banks will use this method to communicate the validation of the payment at the time of purchase.

In some cases, depending on the bank entity, it will be allowed to validate the payment by fingerprint, facial recognition or any other type of biometric identification, without having to enter the validation key. This will depend on each bank, but the usual thing will be a password that you will have to enter.

Do you have problems with the payment?

In this case, it is best to contact the customer service of your bank. They will tell you how to proceed and solve your doubts. Also, don’t forget to follow these recommendations:

Your mobile number must be associated with the bank account of the card with which you are going to make the payment. Check it by accessing your online banking or going to your bank.

Check that the card digits, expiration date, CVV and holder are correctly written when making the payment.

Make sure you correctly input the password you will receive or the pin requested by the bank. It can be a code with uppercase or lowercase letters, numbers, or a combination of both.

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