The Payment Services Directive (PSD2) from the European Union requires strong authentication for all electronic payments.
What is the PSD2?
PSD2 refers to the Second European Union Payment Services Directive that came into force on 14 September 2019. As a result, security requirements for digital payments were tightened. The purpose of the new Payment Services Directive is to improve payment security and consumer protection. Read more here.
What does strong authentication mean?
Strong authentication means verifying your identity when making purchases or placing orders online. Depending on your bank, this may mean, for example, authentication with a mobile banking application or bank IDs.
How will the new Payment Services Directive affect purchases?
For all orders or purchases made online, you may need to go through extra steps to verify your identity. Changing your payment method also requires strong authentication.
Additional steps depend on your bank. These may include, for example, using a mobile banking app to confirm a payment or fingerprint authentication on your mobile device.
In the future, all purchases over 30€ and every 6th purchase will require strong authentication.
How will the new Payment Services Directive affect Singa Business Lite subscriptions?
- You may be required to complete strong authentication when renewing your Singa Business Lite subscription.
- This means that for at least every sixth payment, you will get a request to verify your identity. This also applies to existing Singa Business Lite subscriptions.
- If strong authentication is required when your order is renewed, we will send you the first email request approximately one week before the renewal date. A confirmation request and a link for verification will also appear on your account page.
- We recommend that you complete the confirmation process as soon as possible to ensure your subscription continues uninterrupted. If we do not receive a payment confirmation, we will not be able to renew your subscription, and it will be discontinued.