The Payment Services Directive 2 (PSD2) and Strong Customer Authentication (SCA) bring enhanced security measures for card transactions. For merchants using their myPOS card, the following rules apply to contactless payments:
Single Transaction Above 100 EUR:
You will be asked to enter your PIN for any single contactless transaction that exceeds 100 EUR.
Consecutive Transactions Exceeding 150 EUR:
You will be prompted to enter your PIN if you make consecutive contactless payments that cumulatively exceed 150 EUR.
These measures are designed to enhance the security of your transactions and protect against unauthorized use of your card.
Additional Information on PSD2 and SCA:
Purpose of PSD2:
PSD2 is an EU regulation aimed at making payments more secure, increasing competition, and fostering innovation in the payments industry. It has been in force since September 14, 2019.
Strong Customer Authentication (SCA):
SCA requires authentication based on at least two of three elements: something you know (e.g., a password or PIN), something you have (e.g., a phone or hardware token), and something you are (e.g., fingerprint or face recognition).