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The introduction of strong customer authentication for banks for online card payments will be required before January 1, 2021. OTP Bank will already introduce this security measure on November 2 to approve card purchases. online credit.
Then Customers who have already provided their mobile phone number to the bank for identification may need to confirm in several steps that they are indeed the holders of the debit or credit card used to shop online. – draws the attention of the largest national credit institution. At the same time, it also asks its customers who have not yet provided a valid mobile phone number for bank identification to do so in a timely manner.
In this sense, the Hungarian Nation article emphasizes that Strong customer authentication serves to protect cardholder data and aims to reduce abuse. Those who have configured the OTP Bank Internet Security Code service will confirm the payment with a code received in an SMS when making an online purchase with a debit or credit card. However, as of November 2, customers who have provided their mobile phone number to access the OTPdirekt internet service will also be able to find multi-stage authentication.
Another great development comes with credit card payments.
In Hungary, it will soon be possible to pay by card where it has not been possible until now. The number and turnover of bank card payments will increase significantly: in the first quarter of this year it amounted to HUF 1,754 billion, which means an increase of more than 200 percent in a five-year perspective, that is, the amount has tripled. January 1, 2021 can bring a fundamental change in purchases.
As of January 1, 2021, the new regulation will apply to all card purchases over € 30 on websites in EU Member States, as well as in the UK, Norway, Liechtenstein and Iceland.
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