New EU rules on online shopping, which came into force on Saturday 14
September, should make it easier and safer for consumers to pay for
goods and services online and to manage their personal finances.
European consumers are also set to enjoy improved protection against online fraud, as well as better access to more innovative forms of online and mobile payments.
Over time, the Commission says the new rules will give consumers more choice since new and innovative operators will enter the payment market.
With the entry into force, all elements of the revised Payment Services Directive (PSD2) are now in place, says the Commission.
Some stakeholders are still working to put these technological and practical changes in place, in line with a gradual approach suggested by the European Banking Authority.
The Commission is now calling on all EU Member States to ensure speedy and full implementation of all the rules. Once the new framework is fully operational everywhere, it says EU consumers should be able to benefit from a safer and easier online payment environment in two key ways.
First, electronic payments will be even more secure thanks to the introduction of “strong customer authentication” (SCA) which will improve our means of tackling online payments fraud. SCA ensures proper identification or authentication for all payments over €30 and will now take place via an authentication process based on two specific factors supplied by the user, e.g. a password, PIN code, a mobile phone or a fingerprint. Customers will receive practical advice from their banks or payment providers on the new system.
Second, the new rules will facilitate the entry of new operators in the EU payment services market by applying equally to both traditional and new, innovative companies that offer regulated payment services. Consumers will be able to make payments and manage their personal finances more efficiently thanks to a wider offering of applications.
Read more at: New Rules for on-line shopping in the EU go into effect
Support EU-Digest, which has reported the news without any political affiliation since 2004, and opposes those who seek to discredit and even destroy news organizations who believe in the right of a free Press. You can do that by investing in an advertisement in EU-Digest, or by giving a donation to keep our efforts going : to donate or advertise and pay by credit card, click on: https://www.paypal.com/webapps/hermes?token=8BP18304C1657151J&useraction=commit&mfid=1567106786154_8591ae1288ebf
European consumers are also set to enjoy improved protection against online fraud, as well as better access to more innovative forms of online and mobile payments.
Over time, the Commission says the new rules will give consumers more choice since new and innovative operators will enter the payment market.
With the entry into force, all elements of the revised Payment Services Directive (PSD2) are now in place, says the Commission.
Some stakeholders are still working to put these technological and practical changes in place, in line with a gradual approach suggested by the European Banking Authority.
The Commission is now calling on all EU Member States to ensure speedy and full implementation of all the rules. Once the new framework is fully operational everywhere, it says EU consumers should be able to benefit from a safer and easier online payment environment in two key ways.
First, electronic payments will be even more secure thanks to the introduction of “strong customer authentication” (SCA) which will improve our means of tackling online payments fraud. SCA ensures proper identification or authentication for all payments over €30 and will now take place via an authentication process based on two specific factors supplied by the user, e.g. a password, PIN code, a mobile phone or a fingerprint. Customers will receive practical advice from their banks or payment providers on the new system.
Second, the new rules will facilitate the entry of new operators in the EU payment services market by applying equally to both traditional and new, innovative companies that offer regulated payment services. Consumers will be able to make payments and manage their personal finances more efficiently thanks to a wider offering of applications.
Read more at: New Rules for on-line shopping in the EU go into effect
Support EU-Digest, which has reported the news without any political affiliation since 2004, and opposes those who seek to discredit and even destroy news organizations who believe in the right of a free Press. You can do that by investing in an advertisement in EU-Digest, or by giving a donation to keep our efforts going : to donate or advertise and pay by credit card, click on: https://www.paypal.com/webapps/hermes?token=8BP18304C1657151J&useraction=commit&mfid=1567106786154_8591ae1288ebf
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