New PSD2 regulation for online payments
What is PSD 2?
PSD 2 (Payment Services Directive 2) is a new European payment standard, which allows banks to implement controls to enhance the security of online banking services. These controls and processes will apply both to the user's access to their bank accounts (individual or business) and to the payment through those bank accounts.
To achieve this greater security in online transactions, a Strong Client Authentication (SCA) is applied, through a verification that the user must perform and an authorization of the payment. For this authorisation to be valid, at least two of these three security factors must be met :
- Something that only the user can use, such as a mobile phone or SIM card.
- Something that only the user knows, such as their private password or PIN code.
- Something that only the user has: fingerprint, voice or facial recognition.
When will the new PSD2 regulation come into force?
Although the new regulation entered into force on 14 September 2019, it officially starts to apply from 1 January 2021. Each banking institution has decided when it will apply the regulations in its operations: some did so from the first day of entry into force, others from January 2021.
Information to be taken into account when paying online by card in our shop
If you choose to pay by credit card (although there are other methods of payment), you will need to input your card details: numbers, name of cardholder, CVV and expiry date, as you have done so far. It is important to check all this information before continuing with the payment process.
Our system will then send the payment request to your bank, which will send you an authorisation method. This usually consists of an SMS with an authorisation code or key, which you will need to enter to confirm the payment. It may also be your fingerprint, facial recognition using your smartphone's camera, or other methods, which are the responsibility of each bank.
It is important that you would have your mobile phone at hand at all times when ordering and paying online, in order to receive these authorisation methods or keys.
Normally, banks will allow this process to be repeated if incorrect information is entered, but we recommend that you carefully check that all information entered is correct at each stage of this process.
Are you experiencing problems with the payment?
If you have problems with your payment, we recommend that you contact the customer service department of your bank, as the entire authorisation process depends on them.
To avoid these problems, we reiterate the previous recommendations: check all the data requested at each stage: cardholder, CVV, expiry date, card number, as well as any keys or PIN codes that may be requested during the process, respecting case.
You will also need to make sure that your current mobile phone number is correctly associated with the bank account of the card you are going to use for payment. If you do not know how to confirm this, contact your bank for assistance.
If you cannot solve these problems quickly, we remind you that you can pay with other means of payment, such as PayPal.