EU Cracks Down On Mobile Payments

The European Union Council of Ministers is preparing to toughen the rules for all mobile and digital payments, according to a report in

According to the report, “The Payment Services Directive in the EU, drafted by the Council of Ministers’ presidency, recommends that the regulations should mandate ‘strong customer authentication’ over a range of digital payment schemes, including ‘sensitive payment data to be used in a wallet solution.'”

One major law firm, Pinsent Masons, commenting on the proposed changes to the media outlet, said that “if the regulations are approved, it will mean that third-party payment initiation service providers will need a license to operate in the EU. Furthermore, it sets out a process for payment initiation service providers and other payment institutions to obtain regulatory authorization for operating across different EU countries.”

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