New payment rules: less liability, more security

Sunday, 14.01.18 , written by Anja Schlicht More convenient handling of own account information, less liability for card theft and credit card payments on the Internet – Since January 13, 2018, new rules for payment traffic apply to consumers. They hide behind the bulky term “Payment Service  

Mehr Verbraucherschutz durch neue Regeln im Zahlungsverkehr

New age in payments for consumers has begun

Bank customers who have received mail from their financial institution in recent weeks have probably been informed about changed terms and conditions. The reason for the letter is the new EU payment rules, which since 13 January 2018 have brought some improvements to consumers. Some changes take effect immediately, while others have a legal basis.

Additional fees for payment are eliminated for most credit cards

To buy consumers on the Internet, online merchants had to offer at least one form of payment, such as direct debit, which does not incur additional costs. Buyers decided against this payment method and for the credit card, this often meant a significant surcharge. Since Saturday, however, this is over. PSD2 is not allowed to incur any additional costs for credit card payments in the future.

However, this does not apply to all providers. While Visa and Mastercard credit cards are included in the scheme, charges may still apply to payments made with American Express cards. The reason for this is that only means of payment are included, which are particularly common in Europe.

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Less liability for stolen bank card

In addition to the canceled fees for credit card payments changes by PSD2 that bank customers are now liable only with 50 € instead of 150 € previously, if their account was looted after the loss of their cash card . However, a precondition is that customers have not acted with gross negligence. What is also new is that companies such as a car rental company or a hotel may only block a certain amount on the credit card of consumers if they have given their consent.

In the future, it is also planned that online shopping will become safer . It will no longer be sufficient if people specify their customer data and account number when shopping on the Internet. Another criterion such as an SMS on the smartphone or the fingerprint should clearly verify the buyer. However, this rule does not apply until mid-2019 at the earliest.

Keep an eye on the cost of credit cards

For many credit cards incur hidden costs, as a study by Stiftung Warentest from last year shows. You should therefore not fall back on the first offer of your bank, but also consider other offers.

Third parties may access account information

Another innovation in the PSD2 consumer will probably notice later. So far, the banks had the monopoly on the account information of their customers. From now on, third-party services may access them provided that consumers have given their consent. For example, they can use an app to get an overview of their accounts at various banks. The EU rules also allow third party providers to make direct payments from the account. So far, this was already possible, for example, in the context of a Sofortüberweisung, but there was no legal basis for it.

Consumers should always consider who they want to access their data . Because “with it very detailed person profiles can be created,” reminds the consumer center federation in the Handelsblatt.

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Anja Schlicht

editorial staff

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