PSD2 on its way – How will business and consumers be affected?

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What is the PSD2?

The PSD2 is the second payment services directive, designed by the countries of the European Union. It could potentially revolutionise the way we pay for things online and in-store to what information we see too. So, to put it into perspective – if you’re a consumer and have more than one bank account you will be able to see all of your accounts in one place rather than having different account logins for Barclays and Natwest.

What does it mean for businesses?

For businesses it means they may just be tipped over on their head with the payment systems – as they will need to spend a little bit more of their money to keep up to date with the latest technology trends.

What does it mean for consumers?

For consumers it means more security, flexibility and it means that before when companies could have hidden charges etc – now they cannot. It also means that when a payment is being taken more identity authentication will be carried out for your benefit.

To learn more about the PSD2 update coming in 2018 – head over to ‘TransferWise’

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