New Payment Services Directive (PSD2) Is the Right Approach
Focus on strong authentication and high level of security is imperative
Brussels, August 2nd 2013 – Eurosmart, the Association of the Smart Security Industry in Brussels, welcomes the proposal by the European Commission for a New Payment Services Directive (PSD2), issued end of July and calling for an even stronger focus on authentication and security.
“Eurosmart strongly supports the focus on mobile payments and the corresponding security,” said Oyvind Rastad, Eurosmart’s chairman. “Already, payment transactions via smart mobile devices constitute over 15% of all payment transactions made in Europe. Worldwide, mobile payments could reach $1 trillion in global transactions by 2015. These figures illustrate the urgency in making mobile transactions secure. This requires an adequate legal framework that, among other things, makes standardized solutions in terms of security, interoperability and privacy protection mandatory. The PSD2 proposal is a good start.”
Eurosmart’s Mobile Trust Working Group will publish a position paper in fall, detailing the benefits of secure element technology as a key enabler for securing the mobile transaction ecosystem, especially with regard to remote payment, authentication and digital signatures. Oyvind Rastad stated: “As this is a rather complex issue, we’d be happy to share the industry’s accumulated know-how and expertise on strong authentication and transaction security. We are looking forward to working with the relevant stakeholders in defining the future ‘guidelines with regard to the establishment, implementation and monitoring of the security measures’.”
Eurosmart is an international non-profit association located in Brussels and representing the Smart Security Industry for multi-sector applications. Founded in 1995, the association is committed to expanding the world’s Smart Secure Devices market, developing Smart Security standards and continuously improving quality and security applications.
Members are manufacturers of smart cards, semiconductors, terminals, equipment for smart cards system integrators, application developers and issuers who work into dedicated working groups (communication, marketing, security, electronic identity, and prospect emerging markets).
Members are largely involved in political and technical initiatives as well as research and development projects at the European and international levels.