The intention of this new regulation, called PSD2, is to create an integrated framework for this type of payments in the European Union. It also aims to face the new challenges and changes that will come from this type of payment.
NEW PAYMENT SERVICES
The new regulations bring some important news. One of them is that the possibility of new payment services will be opened.
A figure that emerges reinforced from these legislative developments are the intermediaries between merchants and consumers, which guarantee direct payment by avoiding the use of cards. These services are known as payment initiation services.
Another important novelty is that of account information services or "account aggregators". These are entities that classify and manage all the accounts that a user has in different organizations, and group them by categories.
These new services are a real innovation, since they open the doors to third parties different from the traditional role of banks. The new European regulations are responsible for regulating the access of these new operators to the accounts of bank customers.
This access to the accounts can be done to add information, as in the case of the account aggregators, and also to initiate a payment process. In either of these two operations, the user's prior authorization is required.
GREATER SECURITY IN ELECTRONIC PAYMENTS
In order to improve security in electronic payments, the reform includes the requirement of a reinforced identification by the client, in online access to accounts.
The regulation also reduces from 150 to 50 euros the maximum limit that a client is obliged to assume, for losses associated with an unauthorized payment transaction. Examples of this type of situation are the fraudulent use and loss or theft of the credit card, or some other means of payment.
It also reduces the term that the corresponding entities have to respond to the claims of payment service customers. With the reform, this period will be 15 days, and not two months as it was with the previous regulation.
AN ALTERNATIVE TO CASH PAYMENT
The European regulation introduces the obligation for all companies or professionals to offer users some payment instrument contemplated in the new law. All types of businesses must offer the customer an alternative to cash payment in transactions over 30 euros.
In addition, this accepted payment method must be announced in a visible place in the premises or establishment.
The text of the reform must obtain the opinions and reports that correspond, and then return to the Council of Ministers. It will be approved as a Bill and the parliamentary procedure will begin.
With all this information, you can choose with tranquility the best payment method in your purchases and obtain greater protection in your rights.
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