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