[moksly]

PSD2 is an EU directive that changed how online payments can take place within the EU. The key points are basically these:

Strong customer identification is required. In Denmark we handle this with our national identity system NemID (soon to be mitID). Which is a national two-factor system, that we previously mainly used for stuff like online banking or interacting with the public sector but is now also required when you buy something online.

Releasing the ownership of your financial data from the banks. Meaning that you can give third party companies access to your banking data. In Denmark this has revolutionised budgeting because the area was disrupted by companies that saw a gap in the age old online banking systems. As an example, my “overview” in my netbank was basically just a table of the data they used to physically mail me, today it offers all sorts of BI like tools to show me how I spent my money because an app named Spir or Spiir or something like it completely revolutionised the area. As you may be able to tell, I’m still doing my budgeting in my own spreadsheet, but the spiir app is one of the most popular apps in Denmark.

Over all it has been pretty well recover in Denmark. Having to utilise two-factor identification when you buy stupid shit online is annoying, and it’s likely costing some sales as people have a few more seconds to think while they pick up their phone, but over all people are happy with the increased protection it also offers them.