PSD2 Service Directive - Cards

Specifically, changes relate to the Strong Customer Authentication (SCA) process. Online shopping with debit, credit or prepaid cards will be carried out under Strong Customer Authentication at the time of purchase*.

*As of September 14, 2019, strong customer authentication will not apply in some electronic transactions, due to the gradual adaptation of all stakeholders to the Strong Customer Authentication requirements.

Strong Customer Authentication is a verification payment process that authenticates the cardholder by applying at least two factors that fall under the following 3 categories.

Something that the user:

• Knows exclusively (e.g. password or PIN)
• Possesses (e.g. authentication code generator device)
• Is (e.g. use of fingerprint)

Consequently, entering the card details only (card number, expiration date, three-digit Card Verification Value number) will not suffice.

Strong Customer Authentication at the time of purchase will be applied using:

1. winbank web/mobile banking credentials (something the customer knows) and
2. SMS extraPIN or push notification (something the customer has or is)

According to the above information, you can make purchases in online stores, within the European Economic Area, using Piraeus Bank cards (debit, credit, prepaid cards) provided you have winbank banking credentials and you have registered your mobile phone number with the Bank for receiving the extraPIN.

1. What are contactless transactions?

Contactless transactions are a quick and secure method to make your purchases using special technology cards that bear the relevant symbol . Contactless transactions allow customers to make purchases simply by holding their card close to the contactless POS terminal. Currently, if the amount is under €25, you are not required to enter your PIN. However, if the amount is over €25, you will be asked to enter your PIN. For more information click here.

2. How do contactless card transactions change as of 14.09.2019 onwards?

There will be a limit on PIN-less contactless transactions up to the cumulative amount of €150. When the limit is reached, customers will be required to enter their PIN to the POS terminal, even if the transaction is under €25. Each time a transaction using PIN authentication is carried out, the €150 limit will be reset to zero. For example: If you have carried out PIN-less contactless transactions amounting to a total value of €150 and then make a purchase of €22, you will be required to enter your PIN on the POS device. You will then be able to continue your PIN-less contactless transactions up to the amount of €150.

3. Does the limit of €25 still apply? Up to what amount can I make a PIN-less contactless transaction?

The limit of €25 for each contacless transaction still applies. For transactions that do not exceed the amount of €25, you are not required to enter your PIN. You will be required to enter it as soon as the total amount of PIN-less contactless transactions exceeds the cumulative amount of €150.

4. Why is there a €150 limit on the total amount of PIN-less transactions carried out by card? I do not wish to enter my PIN in any purchases under €25.

This limit (€150) has been set under the revised European Payment Services Directive (PSD2) and there can be no exception. The Directive aims to make payments more secure, more effective and easier. Under this directive, payment services in Europe are being modernized to the benefit of both consumers and businesses. If you carry out regular card transactions where you enter your PIN, such as cash withdrawals or balance checks on ATMs, or if you make purchases over €25, then you may not be required to enter your PIN for transactions under the amount of €25.

5. Does the €150 limit on PIN-less contactless transactions apply to card transactions both within and outside the European Union?

This applies to successive card transactions only in countries within the European Economic Area (EEA)*.

6. If the €150 limit has been reached in PIN-less contactless transactions, and I carry out a contactless transaction outside the EU, what will happen?

Your contactless transaction using a card outside the EEA will be carried out exactly as before, without being affected by this directive. The cumulative limit of €150 does not apply to transactions outside the European Union.

7. Is the €150 limit of contactless card transactions reset to zero each time a transaction is carried out in which the PIN is entered?

Yes, any transaction in which the PIN is entered in countries within the EEA, at a retailer or ATM, resets the limit to zero.

8. Does the cumulative limit of €150 on contactless card transactions have a time limit?

There is no time limit. Whenever a card transaction that requires PIN is carried out, the balance is reset to zero. E.g. if you have made contactless transactions without entering a PIN, up to a total of €60 in a period of 2 months, then make a purchase whereby you enter your PIN, the limit is reset to zero and the amount starts building up again.

9. I have an add-on card in my credit card. Will I have a single limit with my primary card for the amount of PIN-less transactions?

No, each card has its own limit.

10. I have an add-on corporate debit card. Will I have a single limit with my other colleagues' add-on corporate cards for the amount of PIN-less transactions?

No, each card has its own limit.

11. I have a debit, credit and prepaid card. Is there a single limit for all my cards?

No, each card has its own limit.

*European Economic Area (EEA): EU Member States and Iceland, Liechtenstein and Norway