PSD2 (Payment Services Directive 2) is an EU directive on the regulation of payment service providers. The directive is primarily intended to increase security in payment transactions and strengthen consumer protection.
What changes with the PSD2?
Under PSD2, payment service providers are required to implement "strong customer authentication" for Internet payments.
"Strong customer authentication" is mainly implemented as "two-factor authentication".
Two-factor authentication for secure online payments
As the name suggests, two-factor authentication uses two factors to authenticate. For example, one factor can be a PIN and the second can be a TAN. What actually makes the two factors is the transmission path. Only if the PIN and TAN are transmitted on two different channels is two-factor authentication a given.
What do online merchants need to be aware of?
First and foremost, payment service providers must adapt their procedures to PSD2. In order for these adapted procedures to also work in online stores, affected payment plug-ins must be updated.
Depending on the store system and payment service provider, responsibilities differ here.
Smartstore is PSD2 ready
Users of the Smartstore online store system can calmly face the upcoming PSD2. Smartstore has made all the necessary adjustments for you in the affected payment plugins in the current version 3.2.2.
SmartStore AG encourages its customers to update Smartstore until PSD2 comes into effect.