Polar Moment’s Payments Perspective: July 2024

Revised Payment Services Directive (PSD3) in the European Union

The proposals for the revised Payment Services Directive (PSD3) aim to enhance consumer protection, promote innovation, and improve security in electronic payments across the EU. Key changes include stricter requirements for strong customer authentication (SCA) and increased transparency around fees. Businesses will need to update their payment systems and procedures to meet these new standards within an 18-month transition period, bringing the changes into effect in 2026. More details can be found here (opens in a new tab).

Debit Card Payments on Fruit Machines

The department for culture, media and sport (DCMS) recently published its decision to lift the ban on the use of debit cards on gaming machines. In response, the amusements industry has been proposing solutions to facilitate this transition. These aim to enhance user convenience and reduce reliance on cash, while ensuring robust security and compliance with stringent anti-money laundering (AML) regulations.

At the GBG conference in London earlier this month, Polar Moment director, John Rozek (pictured above), discussed these developments. He highlighted the need for the industry to adopt advanced payment technologies that facilitate seamless transactions and reduce the risk of gambling harm. He also emphasised the importance of player protection measures, such as minimum transaction times and safer gambling messaging. More insights can be found here (opens in a new tab).