Banking

PSD2 may just kill contactless cards

You may have seen some recent emails from your bank - saying how they are making your banking more secure. What they aren’t telling you is that contactless is going to get more inconvenient soon - so much you may actually stop using it. Banks are getting more secure in response to a recent regulation called PSD2 (or the 2nd Payment Services Directive for its full name). The purpose - to create a level-playing field between financial services organisations across Europe - both by fostering openness through Open Banking (which I’ll talk about in a future post) but also by ensuring that every financial institution ensures a high level of security for their customers and their money.