Spanish regulation electronic payments
In Spain there is an obligatory regulation from this year 2019 related to the Spanish regulation electronic payments. This improves consumer guarantees and at the same time opens up the market to new competitors.
What you should know about Spanish regulation electronic payments
In order to carry out electronic payment transactions, institutions have implemented different enhanced authentication mechanisms. They are based on the combined use of two or more elements with which to authorize a transaction. They must include:
- Something that only the user knows: a password, for example.
- Something that only the user has: the mobile phone in which an SMS is received, for example.
- Something own and unique to the user, such as a fingerprint or iris.
These elements must be independent, so that even if a cybercriminal could steal a password, he or she does not have access to the other elements. In addition, at least one of the items must not be capable of being stolen over the Internet and cannot be reused. In this way, the code is unique.
Despite this, the new rules provide for a number of exceptions:
- Access to payment accounts and transaction queries, unless first accessed or not accessed in the last 90 days.
- In contactless payments, provided that the amount is less than 50 euros, that the cumulative balance of purchases since the last time enhanced authentication was requested does not exceed 150 euros or that no more than 5 contactless purchases have taken place since the last operation with enhanced authentication.
- In payments of small value at a distance if the amount is less than 30 euros, the cumulative balance of purchases since the last time enhanced authentication was requested does not exceed 100 euros or there have been more than 5 purchases since that time.
- In automatic machines such as car parks and tolls.
- In the case of frequent payments for the same amount and to the same beneficiary, enhanced authentication is not necessary from the second operation onwards.
The obligation will not come into force until 14 September 2019. If you need more information, you can contact experts in the field, who will advise you.