What is PSD2 and how does it work?

PSD2 is the new European Payment Services Directive, implemented to strengthen the security of online transactions and protect users from possible frauds.

PSD2 requires the user to input two or more strong authentication factors that only the user knows to verify their identity, and once this is checked, they can perform operations online.

The valid factors to authenticate are:

  • Something that you have, like your phone.
  • Something only you know, like a secret code.
  • Something yours, like your fingerprint.

You can learn more about the implementation of strong authentication in 2gether here.

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