The EU will soon demand that purchases over NOK 300 be confirmed by an additional factor. The aim of the revised EU Payment Services Directive PSD 2 is to improve consumer rights and prevent online fraud in Europe.
Additional Authentication
Now the EU is tightening rules on online payments. It will soon be required to make purchases above 30 euros. (Just over 300 crowns at today's exchange rate) were confirmed by strong client authentication.
In other words, it is not enough to enter the card number and expiry date when paying online - in addition, the payment must be confirmed with BankID, SMS from the bank or similar solutions.
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Risk of rejection
Initially, it was supposed to come into force in September last year. However, the date was postponed because many... online stores and payment service providers were not yet ready. But as more people now buy using additional authentication, stores that fall behind risk having their payments declined.
It is not known exactly how many online stores do not currently meet the requirements of the European Banking Authority (EBA). Analysts have calculated that this may even apply to 20-30 percent. All online purchases in the EU.
How does it look in Norway?
Norwegian online stores are generally ready and on track to implement XNUMXSV compared to online stores in many other countries, but even one in five has yet to adapt and therefore there is a risk that their online payments will be blocked in the future.
However, it is emphasized that they exist mainly smaller online stores that do not meet the more stringent requirements in the EU.
