PSD2 brings with it some significant advantages that primarily benefit consumers.
Preventing fraud in online payments
PSD2 combats fraud in online payments by imposing strict security requirements for electronic payments. This better protects consumers' financial data and ensures that privacy is respected by all market participants. But online retailers also benefit indirectly: If consumers feel safe during checkout, this also contributes to a positive purchasing experience.
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Open competition in the EU payment market
In addition, PSD2 opens the EU payments market to poland email data competition and sets the course for an innovative future in terms of online payment options , as the new PSD2 rules apply equally to traditional banks, innovative payment services and new providers such as FinTechs. These actors, often referred to as third party payment service providers (TTPs), are now subject to the new EU rules.
strengthening consumer rights
PSD2 also strengthens consumer rights in many ways. These include reduced consumer liability for unauthorized payments, but also the introduction of an unconditional right to reimbursement for direct debits in euros.
No fees for credit or debit card payments
Thanks to PSD2, there have been no surcharges for payments made with credit or debit cards since January 2018. This means that additional costs for these payment methods are a thing of the past.
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