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    New rules for online payments by credit card

    Many consumers pay for their online purchases by credit card. Stricter security requirements will apply from 2021. Entering the card information is no longer sufficient for online payments. Two factor authentication becomes mandatory.

    What Does This Authentication Mean?

    Customers must prove in two ways that they are the legal owner of the payment card. If you want to pay by card, you will also have to enter a code or a transaction for the respective order. The new requirements are particularly strict for cards because the number of these cards can be spied out easily, for example when using them in coffee shops. Therefore, having a card is not enough. According to the new rules, consumers need two additional securities for card payments when shopping online.

    online payments

    How Does It Work?

    Banks and credit card companies have developed a so called secure procedure. The implementation is a little different depending on the card-issuing bank: Some customers receive the one time transaction number to approve online payments with message to a mobile number stored in advance. Other banks have the purchase confirmed with an app by entering a the code or a picture of a barcode.

    Is The Additional Approval Online Necessary For Every Purchase?

    According to the banks in Europe, this depends on the decision of the bank from which a customer has his payment card. For example, if a customer buys more often from the same website, the system could need to approve the payment with 2 factor authentication each time.

    Why Is The Rule Changed At All?

    The background is the European Payment Directive. Also the Commission wants to make payments in the European Union safer for consumers and at the same time promote competition.

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