No doubt you've recently seen a lot of reports in the press about a new European regulation for the finance sector called PSD2… If you're not sure what it is or how it affects you, read on!
Back in 2007, the European Union published the Payment Services Directive (PSD) aimed at creating a single market for payments within the EU. PSD2 is a continuation of that first directive, and it simply improves the security of online payments to protect European consumers against possible fraud.
Does the new legislation affect me when I shop online?
Yes, and a lot more than you think! Up until now, the security of online payments has relied on the verification of credit card details, for example by asking the consumer to enter a code received by text message. From now on, European banks and electronic merchants will use two-factor authentication to check that the consumer is who they say they are, for example by supplying:
- a key word,
- a fingerprint, or
- a password that only they know.
At Vueling we've already adapted to this new electronic payment directive, just as we did with the General Data Protection Regulation. From now on, every time you use your card to pay for a booking over €30 on our website or app, you'll have to carry out this two-factor authentication process with your bank. For you, it will be a simple, transparent process because once you reach our payment page, we'll redirect you to your bank's platform to carry out the two-factor authentication. At the end of the process, you'll go back to Vueling.com and will see confirmation of your booking.