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PSD2: Advent of the New Payments Market in Europe

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PSD2: Advent of the New Payments Market in Europe PSD2: Advent of the New Payments Market in Europe MARCH 2019 Ron van Wezel Sponsored by: © 2019 Aite Group LLC. All rights reserved. Reproduction of this report by any means is strictly prohibited. Photocopying or electronic distribution of this document or any of its contents without prior written consent of the publisher violates U.S. copyright law, and is punishable by statutory damages of up to US$150,000 per infringement, plus attorneys’ fees (17 USC 504 et seq.). Without advance permission, illegal copying includes regular photocopying, faxing, excerpting, forwarding electronically, and sharing of online access. PSD2: Advent of the New Payments Market in Europe MARCH 2019 TABLE OF CONTENTS IMPACT POINTS .............................................................................................................................................. 4 INTRODUCTION .............................................................................................................................................. 5 METHODOLOGY ........................................................................................................................................ 5 INTRODUCTION TO PSD2 ................................................................................................................................ 6 MARKET RATIONALE ................................................................................................................................. 7 DEFINITIONS.............................................................................................................................................. 9 WHAT ARE THE MAIN CHANGES OF PSD2? ............................................................................................ 10 THE SCA REQUIREMENTS ........................................................................................................................ 10 ACCESS TO THE ACCOUNT: COMMON AND SECURE OPEN STANDARDS OF COMMUNICATION ........... 12 IMPACT OF PSD2 ON E-COMMERCE PAYMENTS .................................................................................... 17 MANAGING FRICTION AT THE CHECKOUT .................................................................................................... 18 OFFER NONREGULATED PAYMENT METHODS ....................................................................................... 18 APPLY TRA TO FILTER OUT LOW-RISK TRANSACTIONS ........................................................................... 19 FILTER TRANSACTIONS THAT ARE EXEMPT FROM SCA ........................................................................... 20 OPTIMIZE THE USER EXPERIENCE FOR TRANSACTIONS THAT REQUIRE SCA .......................................... 21 IS THE MARKET READY FOR SCA? ........................................................................................................... 25 OPEN BANKING: BETWEEN HYPE AND REALITY ........................................................................................... 27 THE TESTING GROUND: OPEN BANKING IN THE U.K. ............................................................................. 27 THE PROMISE OF OPEN BANKING FOR PAYMENTS ................................................................................ 28 CUSTOMER PAYMENT PREFERENCES: HARD TO CHANGE ...................................................................... 30 THE RISK OF FRAGMENTATION FOR OPEN BANKING ............................................................................. 31 CONCLUSION ................................................................................................................................................ 33 RELATED AITE GROUP RESEARCH ................................................................................................................. 34 ABOUT AITE GROUP...................................................................................................................................... 35 AUTHOR INFORMATION ......................................................................................................................... 35 CONTACT ................................................................................................................................................. 35 ABOUT IOVATION ......................................................................................................................................... 36 LIST OF FIGURES FIGURE 1: SHARE OF CNP FRAUD AS A PERCENTAGE OF TOTAL FRAUD IN SEPA .......................................... 7 FIGURE 2: SCA MODELS ................................................................................................................................ 14 FIGURE 3: MEASURES TO MINIMIZE CONVERSION RISK AS A RESULT OF SCA ............................................. 18 FIGURE 4: DIFFERENCES BETWEEN 3DS 1.0 AND 3DS 2.0 ............................................................................ 22 FIGURE 5: MARKET ASSESSMENT OF 3DS 2.0 ............................................................................................... 24 FIGURE 6: EUROPEAN MILESTONE DATES .................................................................................................... 25 FIGURE 7: COST OF PAYMENT METHODS IN GERMANY ............................................................................... 29 FIGURE 8: DOMINANT ONLINE PAYMENT CULTURES IN THE EEA ................................................................ 30 © 2019 Aite Group LLC. All rights reserved. Reproduction of this report by any means is strictly prohibited. 2 101 Arch Street, Suite 501, Boston, MA 02110 • Tel +1.617.338.6050 • Fax +1.617.338.6078 • [email protected] • www.aitegroup.com PSD2: Advent of the New Payments Market in Europe MARCH 2019 LIST OF TABLES TABLE A: MARKET TRENDS LEADING TO PSD2 ............................................................................................... 7 TABLE B: PSD2 TERMINOLOGY EXPLAINED..................................................................................................... 9 TABLE C: SCA EXEMPTIONS FOR ONLINE/REMOTE CARD TRANSACTIONS .................................................. 11 TABLE D: AUTHENTICATION SCENARIOS BETWEEN BANKS AND TPPS......................................................... 14 TABLE E: EUROPEAN API STANDARDS INITIATIVES ...................................................................................... 16 TABLE F: ATV AND SHARE OF TOTAL CNP TRANSACTIONS BY ONLINE MERCHANT CATEGORY IN THE U.K. 19 © 2019 Aite Group LLC. All rights reserved. Reproduction of this report by any means is strictly prohibited. 3 101 Arch Street, Suite 501, Boston, MA 02110 • Tel +1.617.338.6050 • Fax +1.617.338.6078 • [email protected] • www.aitegroup.com PSD2: Advent of the New Payments Market in Europe MARCH 2019 IMPACT POINTS • The revised Payment Services Directive (PSD2) changes the rules of the game for the European payments industry. By September 2019, payment service providers (PSPs) have to comply with the directive’s requirements for strong customer authentication (SCA) and third-party access to bank accounts. This Aite Group report analyzes the consequences for the e-commerce payments market. • Sufficient tools are available in the market to mitigate the risk of a deterioration of the consumer experience in e-commerce due to the PSD2 SCA requirements. However, the issue is a lack of orchestration of the PSD2 implementation around Europe. Varying choices in the implementation of the SCA requirements on a country and individual bank level, differences in interpretation of the directive, and different timelines may create confusion that merchants have to navigate. • Another issue is market awareness of the SCA requirements. Only 25% of European online merchants are aware of the SCA requirements under PSD2. This is a call to action for acquirers and PSPs to step up their communication and realize a smooth transition to the SCA requirements. • So far, takeup of U.K. Open Banking has been slow—even disappointing. This may be a result of a number of issues with the implementation of open banking. However, it is still in the early days, and at least the U.K. has the central governance in place to identify the issues and coordinate the required activities to resolve them. • The new account-based payment models that PSD2 enables hold a lot of promise for e-commerce payments, particularly in combination with real-time payment (RTP) clearing rails that are rolled out all over Europe. Such payment models could offer merchants a service that seems to beat existing card solutions because of service and price. • Still, a number of factors will hinder the adoption of these new payment models from both the demand and the supply sides. The main challenges are how to change established consumer payment preferences and how to develop a consistent payment offering in a fragmented European market. The conclusion is that PSD2 will not form a threat to card-based payments in the short to medium term, say within the next five years. It is not clear how a consistent, user-friendly offering can be developed for the European market that is attractive enough for consumers to change their payment preferences. © 2019 Aite Group LLC. All rights reserved. Reproduction of this report by any means is strictly prohibited. 4 101 Arch Street, Suite 501, Boston, MA 02110 • Tel +1.617.338.6050 • Fax +1.617.338.6078 • [email protected] • www.aitegroup.com PSD2: Advent of the New Payments Market in Europe MARCH 2019 INTRODUCTION The European payments market is
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