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Which transactions will be "cut" in e-shops

Most e-shops in our country have not complied with the requirements of the European directive PSD2 and risk rejection of their electrical transactions by banks.

The countdown has started for 2 out of 3 e-shops in our country, which in a few days will see the electronic payments of their customers to be "cut off" from banks. As revealed by "H", most merchants who have their products in an online store - not only in our country but also in the rest of Europe - have not complied with the requirements of the European directive PSD2, for which an extension of 15 months was given.

The "negligence" of entrepreneurs is even more important in the middle of quarantine where the turnover of commercial stores is realized mainly through electronic sales.

In order to avoid the "collision" of the rejection of electronic transactions, which would have the effect of breaking the phones in the phone banking centers of the banks from January 1, 2021, The Hellenic Banking Association sent a letter to Bank of Greece requesting an extension and gradual implementation of the measure for the first quarter of the year.

According to exclusive information from "H", The central bank has not formally responded, however, traders are expected to be given a "tacit" extension to take the necessary steps with their bank to ensure Strong Customer Authentication (SCA) to prevent electronic incidents. fraud.
Sources with knowledge of the procedures state that the BoG has accepted the timetable proposed by the banks as follows:

  • From 1/1 to 19/1: No transaction will be rejected
  • From 20/1 to 28/2: Transactions up to 750 euros and above will be rejected
  • From 1/3 to 31/3: Transactions up to 500 euros and above will be rejected
  • From 1/1: All transactions will be rejected (regardless of amount)

It is emphasized that certain merchants who do not meet the safety requirements are at risk of rejection - but who so far are the majority of e-shops. Of course, according to banking sources, The adjustment is expected to be smooth for consumers, as online transactions average between 30 and 50 euros. 

The same sources, however, are optimistic that the banks will be able to "chase" their customers to comply with European legislation so that none of their customers will be surprised when paying for their purchase by card from January 20.

Source: https://www.imerisia.gr/epiheiriseis/2943_apokleistiko-poies-synallages-tha-kobontai-sta-e-shops?utm_source=ethnosgr&utm_medium=homepage

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