“What is PSD2?” This is what you will find on press release database of European Union (EU) when you search for PSD2. So, we have our willingness to know. On the other hand, EU is trying to put up the information well.
Then again, all interest comes to a point where the future of its execution is most important. Since PSD2 has become mandatory, it is important to ensure its effective usability.
Rewinding about PSD2
PSD2 is a fundamental piece of payments-related legislation in Europe, which entered into force in January 2016. Also, it is a requirement for strong customer authentication on majority of electronic payment system within European Economic Area (EEA).
Therefore, card payments have to be PSD2 incorporated. More importantly, you’re transactions are now independent from the tricks of bank. Mainly because, a third party will be managing your electronic payments.
The future of PSD2
The benefits of it range from integrated and efficient European payments market to wider choice of payment systems. Thus, the future and sustainability of it lies in the benefits you can reap from it.
Although, currently there are authentication delays but the benefits are there for the taking in the long run. Also, having a uniform payment system across EU nations was always necessary.
Your takings from PSD2
If you are a high-risk merchant settled in Europe, it is the ultimate blessing. Hence, it is the opportunity you were looking for to grow your business even bigger. Since no specific bank or payment system will be dominating the payment market, border barriers are no longer a constraint.
So, you can expand your business beyond border and grow. Hence, worrying about payment processing just got easier.
How can we help?
PurePay offers services for wide range of high-risk industries. For high risk merchant who are availing services of PurePay, life will become super easy. PSD2 will soon become an integral part of your life.
So, it will make your payments faster, easier, safer with wider option and PurePay will make your business easier through high risk merchant account.