This is the PSD2 regulation that guarantees the security of online payments with Bizum

We are almost sure that you make purchases both in e-commerce and in person. And what’s even better, when you see that online commerce allows you to pay with Bizum you always choose this option because it’s fast, simple and secure.

And, as part of your trust in Bizum is because you know that it is a very secure service, we want to tell you in more detail about the PSD2 regulation and all the security guarantees behind each transaction with Bizum, based on PSD2 payment services.

What is PSD2 and how does it protect me?

PSD2(Payment Services Providers) is the European Directive that regulates electronic payment services in the European Union since 2013. It is an evolution of the PSD (Payment Service Providers), the first Payment Services Directive back in 2007, which was revised by the European Commission, thus giving rise to the PSD2 regulation that improves consumer protection, boosts competition and innovation in the sector and reinforces transaction security.

In this way, the PSD2 payment services regulation not only increases confidence in Europe, but also makes it possible to organize the adaptation of banking services to new technologies. This has led to the official recognition of APIs (Application Programming Interfaces) in the various financial sectors.

Two-factor authentication through the PSD2 payment service.

One of the innovations of the PSD2 regulation is the StrongCostumer Authentication(SCA) that reinforces the protection of online purchases. This means that this new security requirement of the PSD2 payment service requires the person making the payment to use at least two of these three authentication factors in their banking transactions:

1. Cell phone
2. Password or PIN code
3. Fingerprint or facial recognition

This means that, thanks to this system, both payments and account accesses will have a double security factor, thus reducing fraud in online payments.

Bizum users and merchants safer and more secure with PSD2 regulations

Now that you know what PSD2 is and why it is so important, it only remains to summarize the two main advantages of having a PSD2 payment service:

1. Using Bizum payment in electronic commerce, as a customer you will have double security verification: the key of your bank’s app and your double validation from your cell phone. This means that you have the guarantees of banking channels and compliance with Spanish and European legislation.
2. For online businesses, implementing Bizum in their eCommerce gives the brand the “secure eCommerce” seal of approval and reinforces their commitment to their customers.

Now that you know that shopping online with Bizum is super secure, take advantage of all its benefits!