Second Payment Services Directive (PSD2)Payment services that operate electronically should adopt technologies that guarantees the safe authentication of the user and reduces, to the maximum extent possible, the risk of fraud. In order to achieve this, the European Union in 2007 passed the Payment Services Directive (PSD). The aim of this legislation is to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA).Rapid changes in the payments sector have mandated the upgrade of PSD. Technological advances in areas such as cloud and mobile applications have opened up the banking sector to a vast array of new competitors to the traditional banking sector. These financial players, known as Third-Party Providers (TPPs), are offering new ways for customers to access their bank accounts to make payments. Over three quarters of Europeans now use mobile devices to keep track of finances and to make payments, compared with just 18% in 2015.Another major change has been the continuing rise in online shopping. According to a recent survey, one in four Europeans with internet access shopped online at least once a week in 2016. In addition, a 451 Research’s Global Unified Commerce Forecast survey shows that digital commerce sales in Western Europe will grow at a 17% Compound Annual Growth Rat ..
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