Payments on the Internet: The SMS to Validate the Purchases will Disappear at the End of 2020

Finance
Payments on the Internet: The SMS to validate the purchases will disappear at the end of 2020

SECURITY: The objective of the European Banking Authority is to reduce the number of frauds on online payments by credit card

Starting in 2021, banks and merchants will no longer be able to offer SMS authentication for online payments . The European Banking Authority (EBA) has announced that it left until 31st December 2020 to set up a strong authentication system with a code or biometric data of customers, reports the site  Les Echos. The goal is to reduce the number of frauds on online payments by credit card.




Additional time was requested

Initially, this change of regulation was to take place on the 14th September 2019. But France and other countries concerned have asked for an additional 18 months. After negotiations, the EBA finally decided to impose this new timetable. “Some wanted 18 months and others were more 12 months or less, so the European regulator has cut the pear in half,” said the head of an association of online traders at Les Echos .

Once the deadline has passed, it will be necessary that all countries concerned have been able to apply this strong authentication at the risk of generating, if not, many failures of online payments.

Payments on the Internet: The SMS to Validate the Purchases will Disappear at the End of 2020 1

(Visited 7 times, 1 visits today)

Leave a Reply

avatar
  Subscribe  
Notify of