Payment Services Directive 2 (PSD 2)

Payment Services Directive 2 (PSD 2)

Customer information regarding the Payment Services Directive 2

What is PSD 2?

PSD 2 aims to create a uniform legal framework for electronic and mobile payment initiation service providers and account information service providers.

What does PSD 2 change?

Here’s a summary of the most important changes in the General Business Conditions for Card Acceptance:

  • Removal of the ban on granting discounts to cardholders
    The ban that prohibits merchants from granting cardholders discounts when they forgo paying by card in favour of other payment methods has been lifted.
  • Two-factor authentication
    Two-factor authentication – also known as ‘strong customer authentication’ – involves the standardisation of security regulations in e-commerce. A transaction can no longer be authorised by simply entering the card details, such as number and expiry date, rather the cardholder now has to be identified by other means of authentication, for example with a 3-D Secure Code. 
  • Procedure for extrajudicial resolution of disputes
    In disputes between SIX Payment Services and the merchant, the competent authorities arbitrate between the parties and try to bring them to an agreement. 

Please find below the respective General Business Conditions with the amendments regarding PSD 2 (highlighted text). Please note that only these highlighted text sections apply to your General Business Conditions.