Not complying with PSD2 could have a major impact on your business, as Tony Arevalo of Carsurance explains: “I would definitely stop using PayPal, or any payment service, if it didn’t comply with the new directive. The ecommerce sector has been growing steadily for years so the EU is updating its regulations to match. If you accept, we'll also use cookies to personalise ads. Hi everyone, The Second Payment Services Directive (PSD2) is a new EU directive regulating payment services in the European Economic Area. Research firm Baymard Institute estimates that the average online shopping cart abandonment rate is 69.2%.1 This article looks at why shoppers abandon their carts, and how you can leverage the strength of the PayPal brand to help you increase conversion rate. The directive requires new measures that impact how you access your account and pay with PayPal. 6 steps to help get more conversions and less shopping cart abandonment. PSD2 – a game changing regulation. Contact us to get access and start testing PayPal’s XS2A implementation. This directive requires that we put in place, new measures that impact how you access your account and pay with PayPal. Under PSD2 card issuers (that’s banks like Barclays, HSBC, Lloyds etc.) PayPal's XS2A interface leverages PayPal's high-performance REST API stack to ensure best performance and availability for TPP access. Test Credit Card numbers for use on PayPal sandbox, Checkout as Guest Option Turned on, but option not available to customers, Create specific paypal button for 3 types of payment options, Account Servicing Payment Service Providers, Electronic Identification, Authentication and Trust Services, Regulatory Technical Standards on Strong Consumer Authentication and Secure Communication. PSD2 applies only to Europe (including the U.K.), but when you run a business that serves customers all around the world, compliance is critical to avoid losing them.” One of the biggest problems in online selling is shopping cart abandonment: when buyers fail to complete the purchase they start. Here's a list of commonly used PSD2 terms. It will allow ‘merchants’, businesses like Amazon, to retrieve your account data from your bank - with your permission. Please, contact a local authority or an internal/external legal advisor and provide a document with more detailed analysis that reasonably explain why your business model and payments flow (where applicable) cannot be considered to be under PSD2 scope, including considerations for Recital 11 of the PSD2 regulation. The information in these articles does not constitute financial or investment advice of any kind and does not count as a substitute for any professional advice. PayPal account got restricted for 6 months (180 days) because I couldn’t give ID, on October 31st I can supposedly withdraw my funds and add my bank account to another PayPal account, however, I cannot log on because they need to give me a text to a number I don’t have anymore because of the PSD2 Strong Customer Authentication regulation. Almost all new regulations since 2008 have focused on tightening the banking business and operating model. Payment Initiation Service Providers (PISPs): Service providers that initiate payment transactions on behalf of the customer. One such measure is the introduction of two-factor authentication for electronic payments, known as 'Strong Customer … Customise your payment experience and get paid directly on your website by PayPal, debit or credit card. The revised Payment Services Directive (PSD2) is the EU legislation which sets regulatory requirements for firms that provide payment services. PayPal: One partner, many ways to get paid. If your online store or website is not ready, there’s a risk of customers’ payments being declined by the card issuer.

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