Card Payments- What’s Changing From Tomorrow

The new EU regulation that provides for more stringent security measures for card transactions is expected to come into effect on Saturday, September 14, 2019, as the Hellenic Banking Association (EET) recently announced.
In detail, the increased security measures envisaged will come into force for the following transactions:

  • Contactless card payments at merchant acceptance terminals (POS). The cardholder will be required to use the PIN (PIN) to complete his or her contactless transactions when they exceed EUR 150.  
  • Individual payments in an e-commerce environment. Strong identification of the cardholder for the needs of each transaction should be ensured. To this end, the recipient of card transactions (eg bank, electronic money institution, etc.) should work in a timely manner with his client businesses to adapt his systems to the new robust authentication environment without delay. .
  • Standing orders (periodic payments upon customer authorization on online merchant platforms). In this case, too, the company that accepts periodic payment card payments on its platform must ensure strong identification of its holder and his transaction.

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