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Where there is an online cash register, it is mandatory to provide electronic payment as of Friday. And when shopping online, you may have to enter many more IDs than before. More than 9.7 million credit card customers will be affected by the changes.
Salaries will change radically from January 1 in Hungary and across Europe. Two important rules go into effect at midnight on New Year’s Eve: one is a common EU law on strong customer authentication. From the moment the first voices of the Anthem are played on television, all online stores and banks in the EU will have to switch to the new system. This is a super-secure innovation of the EU regulation PSD2 (Revised Payment Services Directive), which will require customers to enter new security codes in addition to the standard data previously every time they make a purchase.
Therefore, anyone who wants to order a pizza after midnight on New Years Eve and wants to pay by card now may not have to enter their credit card details, but will also have to confirm the purchase in the app. mobile banking installed on your phone, or you must complete the transaction at the Internet bank. You may also need to request a code via SMS, but only after you have requested all kinds of pin codes and telecodes online from your bank or internet bank or on the customer service phone.
It will be tough, but safe.
Banks are already bracing for chaos, OTP has proactively started introducing strong customer authentication since November and in December warned all of its customers what to do about it. The other banks are also preparing for Thursday’s midnight change in relation to credit card purchases. According to the responses received by Napi.hu, it seems that as of next January, those who have a relatively new smartphone with the mobile banking application installed will be able to make credit card purchases on the Internet.
Buying will be a more complicated procedure for everyone else. Bank cards will need some kind of PIN code online, and transactions can usually only be approved with this and another code received by SMS. These codes effectively prevent unauthorized people from buying online with the credit cards of others, at least in the EU web stores. This is because online stores in other countries are not subject to the restriction, which means that you will be able to shop in the United States, China, and other third countries next year by entering your standard credit card information. However, no one at the Hungarian restaurant will be able to order pizza for next year’s party with their friend’s credit card.
There is reason to tighten up, because although the Magyar Nemzeti Bank (MNB) claims that there are very few bank card fraud in Hungary compared to other countries, the statistics clearly show that online shopping is the field in which the volume of such fraud is exponential. it has increased to some extent in recent years. In the first quarter of this year, for example, there were a total of 1,166 misused lost or stolen cards, with a total value of less than 13.5 million HUF, that is, one card caused damage on an average of 11 56 thousand HUF. The number of online shopping fraud in the same three months was 14,579, which is 12.5 times the number of stolen card fraud, and its value exceeded 310 million HUF, which is already 23 times higher than that of holders of stolen cards. The value of the damage caused during a fraud was also much higher, exceeding HUF 21,000.
You don’t need cash anymore
The other very important change does not affect all European countries, only Hungary. A major amendment to the Commerce Law will take effect on January 1, requiring that all merchants and service providers must use an online cash register to allow electronic payments to their customers. Traders who have so far announced that they only accept cash can remove Friday’s title because they run the risk of being penalized for doing so.
A total of some 60,000 commercial, catering and other service units were affected even a few weeks before the deadline, where no other payment method than cash was accepted. Merchants and caterers were still pushing at the end of November to put off the introduction of electronic payment options a bit, but the Treasury Department said in a single day that was out of the question.
However, the Commercial Code does not specify how the electronic payment option should be implemented in the affected locations. Accepting credit cards can be a convenient option for buyers, but merchants are often expensive, especially when many small transactions are required. The most affordable solution could be for the merchant to issue a bank account number to which the buyer transfers the invoice amount, and if the money has arrived, this is now done in 5 seconds, then the invoice is processed. If, on the other hand, there are many people queuing at the checkout, it can be quite a fuss if a customer wants to pay for a small item by bank transfer for several minutes.
There are also QR-coded solutions, with a static QR code that the customer can scan to access the merchant’s account details, but must enter the amount themselves, or a dynamic QR code that already contains the invoice amount. Additionally, card companies have started offering various solutions to make transfers faster and more convenient.
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