eWallet PSD2 – Details about the Payment Service Directive
The EU has agreed to new rules to protect consumers when they pay online under its latest Payment Services Directive, also known as PSD2. PSD2 was first implemented in EU member states in 2015, but the law’s 117 articles weren’t all enacted at once. Most likely you already receive some information from your banks about it with details about the changes. Some parts are still to come, most notably stronger customer authentication, which will change how you experience online shopping and online banking.
However, since this is a major topic and affects almost all of us we decided to also give you a few details and look a bit closer at the stronger customer authentication to show you what exactly this means or could mean for you in the future. At this point we don’t now how and if this will affect our eWallet partners Skrill, NETELLER and ecoPayz, but it highly likely that there will be some changes as well.
Let’s jump into some more details.
eWallet PSD2 – Strong Customer Authentication (CSA)
The Strong Customer Authentication (SCA) will basically make two-factor authentication mandatory for users making banking transactions and shopping purchases online. This works the same like the Skrill or NETELLER two-factor authentication which you all now already. You will generate an unique code with an device or an app (like Google Authenticator or Authy) which then is needed to access your account or approve a transaction in addition to your username and password. As you can imagine, this will drastically increase the security or your account and will help to avoid any kind of abuse. Without this code you will not be able to process any payment or access your account.
So, part of the upcoming changes are that payment services providers are required to provide strong customer authentication for accessing online/mobile banking accounts and completing online shopping purchases.
In addition, it also has to be provided where a customer carries out any action through a remote channel which may imply a risk of payment fraud or other abuse.
For sure this will change handling of your accounts or online transactions a bit, but as we already explained in other articles, the two-factor authentication is a great security feature and is one of the best tools to protect your money. Adding this to your Skrill, NETELLER or ecoPayz account will increase your security to the top-level and we highly recommend to use it. It is also worth to mention that ecoPayz already added this as must-have to all their clients and if you have not set it up yet you will be guided through the process the next time you login to your account.
eWallet PSD2 – When do those changes come into effect?
The final step of the PSD2, the stronger customer authentication, comes into effect on September 14th. However, the SCA will be applied to online banking channels and services from the 14th September, but those providing an online shopping service will be allowed a little more time to prepare and make the necessary technical changes to fully support the stronger customer authentication. Currently it was not officially announced how much more time they have, but it should be announced during the next weeks.
Anyway, if you are accessing and using online banking services provided by your bank after September 14, you’ll will for sure have to pass two-factor authentication and most likely you should already be informed by your banks about it. A decision from the European Commission on a compliance date is likely to be announced in October.
eWallet PSD2 – What about Skrill, NETELLER and ecoPayz?
As mentioned earlier, ecoPayz already “forced” their customers to add the two-factor authentication to their accounts. If you have not set it up yet you will be notified with your next login and you can take care of it. We expect the same thing to happen for NETELLER and Skrill as well, but we don’t have any details or information about that yet. It is also possible that more changes to protect customers will be implemented at some point, especially when it comes to using the Skrill MasterCard, the NETELLER MasterCard or the ecoPayz ecoCard, but for now you can keep using them like before.
As soon as we get any update from the providers we will of course update all of you accordingly with all details and information.
But again, this is nothing to be worried about and is important to keep you and your money as safe as possible. Not having those features activated will also make it really difficult to get your money back in case your account was compromised in any way.
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Please contact us for any further questions. No matter if it is about eWallet PSD2 for NETELLER, Skrill or ecoPayz, our eWO Bonus or eWO Partner Program and our Dashboard. We are always happy to help