Online payments: what is the PSD2 directive?

couple making online payment
Initiated by the European Union, the Payment Services Directive aims to protect consumers in a context of increased cybercrime and to facilitate access to bank data between establishments. Explanations.
In 2020, in France, internet sales reached 112 billion euros [1]. At the same time, like almost every year, 15% of online shoppers have been victims of hacking or fraud [2].
To remedy this problem, in 2019, the European Union published a new version of the Payment Services Directive (PSD2), the first version of which was put in place in 2007. Objectives: better secure online payments, l “access to a bank account and internet transfers, and facilitate access to bank data between establishments and strengthen consumer rights.
Online payments, access to a bank account and internet transfers
Since September 14, 2019, strong authentication has been required when you make an online payment for an amount greater than 30 euros.
Concretely, strong authentication is a device that consists of verifying that you are indeed at the origin of the Internet payment, the connection to your bank account or the request for an online transfer. For your request to be validated, strong authentication requires at least 2 of the following three elements:
Information that you are the only one to know such as, for example, a password, a secret code or an answer to a personal question;
using a device that is unique to you, such as, for example, your smartphone or your connected watch;
biometric data: facial or voice recognition, fingerprint.
For example, your bank can send you an alert on your smartphone via a dedicated application to identify you during an online purchase. You will then have to confirm that you are the origin of the purchase by entering a secret code or looking at your phone to see if it has facial recognition. Previously, you just had to use a code received by SMS.
Access to bank data between establishments
The PSD2 encourages banks to provide access to their customers’ data (with, of course, the latter’s agreement) to third parties such as providers of payment services and account aggregation services, like Nemo.
Consumer rights strengthened
The PSD2, transposed into French law by an ordinance, introduced new rules such as, for example, the prompt reimbursement of disputed transactions, the prohibition of overbilling (in other words, the application of surcharges in the event of payment by credit card). Debit or credit), lowering of the deductible paid by the customer in the event of fraudulent payment from 150 to 50 euros, etc.

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