‘One-click’ online payments and other mechanisms for making speedy transactions will be prohibited if proposals outlined by the European Banking Authority (EBA) are introduced, Visa has said.
The payment provider said the regulator’s draft standard on strong customer authentication under the reformed Payment Services Directive (PSD2) could, if confirmed, cause “inconvenience … with no benefits for consumers” and is “a significant threat to future innovation and Europe’s future growth”.
The EBA is responsible for defining the regulatory technical standards for strong customer authentication under PSD2. The directive came into force earlier this year and will need to be implemented into national laws across the EU by 13 January 2018. The EBA’s strong customer authentication standard must be finalised by 12 January 2017.
Sourced through Scoop.it from: www.out-law.com