As the ongoing pandemic situation has proved, the digital economy plays an increasing part in all our lives; therefore, it is vital that electronic payments are secure, convenient, and accessible.
Strong Customer Authentication (SCA) is a mandate introduced by the Payment Services Directive (PSD2) enacted by the European Commission, which requires electronic payments initiated by the buyer to be authenticated by at least two of the following three factors.
Already in use by Mastercard, Visa is also introducing new rules for high-brand risk merchants requiring global registration.
Visa is updating its acceptance, disclosure and dispute policies for transactions at merchants that offer free trials or discounted introductory promotions as part of an ongoing subscription service.
The new coronavirus (or COVID-19) has influenced our lives significantly. Not only has it changed the way we live and interact; it has also impacted the way we shop, pay, and accept payments.
Mastercard is enhancing the chargeback process by making it easier and faster to handle disputes to improve the dispute handling processes.
Effective 18 April 2020, Visa is updating acceptance, disclosure and dispute policies for transactions at merchants that offer free trials or introductory promotions as part of an ongoing subscription service.
From April 2020, Visa will update its rules and requirements for free trials applying equally to merchants selling physical or digital goods, and services.