Most e-shops in our country have not complied with the conditions of the PSD2 European directive and are at risk of having their electronic transactions rejected by the 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 the 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 conditions of the European PSD2 directive, for which a 15-month extension was even given.

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

In order to avoid the "jamball" of rejecting electronic transactions, which would result in phones being broken in the banks' phone banking centers from 1 January 2021, the Hellenic Banking Association sent a letter to Bank of Greece asking for an extension and gradual implementation of the measure for the first quarter of the year.

According to exclusive information of "H", the central bank has not officially responded, however, merchants are expected to be given an "implicit" extension to take action with their bank to ensure Strong Customer Authentication (SCA) is in place to prevent cyber incidents fraud.
Sources with knowledge of the proceedings say that the Bank of Greece has accepted the timetable proposed by the banks as follows:

• From 1/1 to 1/19: 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 (regardless of amount) will be rejected

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

The same sources, however, are optimistic that the banks will succeed in "chasing" their customers to comply with European legislation so that none of their customers will be surprised when paying for their purchase with a 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