What do the new changes in the online payment approval method entail?

Revised European Directive on payment services, known as PSD2, has established new rules for enhanced transaction security, in an ecosystem where we (the banks) are together with you (the customers) and the merchants. 🤗

For customers holding cards a stronger authentication (SCA - Strong Customer Authentication) is required when paying online.

This authentication requires the use of at least two authentication factors from the following categories:

➤⠀something that you, as a client, know (password, phone unlock method);
➤⠀something you own (a mobile device);

➤⠀and something you are (fingerprint, facial recognition).

The merchant must have 3D Secure technology implemented on their own website. You wonder how will you be able to recognize a merchant enrolled in 3D Secure? I have already prepared the answer for you. 😊

However, it can decide, under certain conditions resulting from a risk analysis, not to apply SCA requirements, respectively not to require customers to go through additional steps to confirm payments.