European banks call for rethink on incorporating payments into EU digital identity wallet proposals

European banking association logo large

The European Credit Sector Associations (ECSAs) are calling on the European Union to re-examine clauses in legislation on the proposed European Digital Identity Wallet that appear to imply that “widely used cards and payment specifications” will have to accept the wallet for strong customer authentication (SCA) for payments “on a mandatory basis”... More


Consortium proposes European Digital Identity Wallet payments pilot

Nobid Consortium participants

A consortium of government agencies, financial institutions, payments networks and technology providers from Denmark, Germany, Iceland, Italy, Latvia and Norway is proposing to launch a large-scale payments pilot to explore how the European Digital Identity Wallet being developed by the European Commission would support cross-border transactions... More









What's New in Payments

Revolut lets customers pre-authenticate their contactless card as they approach the SCA transaction limit

Revolut contactless visa card

UK-based neobank Revolut has implemented a Strong Customer Authentication (SCA) system that lets customers use their mobile banking app to authenticate their contactless card as they get close to reaching the new contactless transaction limit, avoiding the risk of having their card declined when they next attempt to make an in-store purchase... More




What's New in Payments

Merchant payments association calls for 18 month delay on strong customer authentication

EPSM recommends harmonised migration plans on PSD2-SCA — EPSM — “To avoid significant acceptance disruptions, EPSM recommends that all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector. This will deliver an EU-wide harmonised migration approach by the EBA and the 28 national regulators for remote card payments.”





What's New in Payments

Airlines leverage PSD2 to cut transaction fees

New payment method for air tickets successfully demonstrated — International Air Transport Association — “IATA Pay is an industry-supported initiative to develop a new payment option for consumers when purchasing a ticket directly from an airline website. It is made possible by the European Commission’s second Payment Services Directive (PSD2), and the UK’s Open Banking regulation. For airlines, the advantages of IATA Pay are: Cheaper payment option compared to other alternatives; Highly secure; Faster cashflow with instant/near instant payment to the merchant; Simpler payment process resulting in fewer lost sales.”


What's New in Payments

Google adds a payments license in Ireland

Google gets go-ahead from Central Bank for payments — The Irish Times — “Google has been authorised as a payment institution in the Republic, paving the way for the technology giant to begin providing new financial services to consumers and businesses both here and further afield. The Central Bank granted authorisation to Google Payment Ireland under the second Payment Services Directive (PSD2) regulation on Christmas Eve. Having obtained authorisation, the company will be allowed to issue and acquire payments across the European Union under passporting rights.”