What is PSD2 cross-border payment?

05 Nov 2022

PSD2 cross-border payment solution is the service that improves security measures for all payment service providers, including banks PSD2 specifically requires payment service providers to use strong customer authentication (SCA) as a general practice for electronic payment transactions. To that aim, the Commission adopted regulations outlining how strong customer authentication (SCA) will be implemented.

PSD2 cross-border payment model will help customers save money by lowering fees and prohibiting "surcharging" for card payments in the vast majority of circumstances (including all popular consumer debit and credit cards), both online and in stores. Surcharging is frequent in various Member States, particularly for online payments and specialized industries such as travel and hospitality.