Forget the signature - now there are tougher rules for card payment

If you shop in a physical store, you will still be able to flip your card - however, you will more often be forced to enter the PIN code. Signatures will no longer be approved and it may even be that the bank does not approve purchases made with magnetic strip. This is when the technology is considered unsafe.

With regard to e-commerce, from now on, mobile banking ID or security box is always required. Previously it was possible to trade only with the card number and the security code on the back of the card but now it is over.

The purpose is, as I said, to make card payments more secure and at the same time reduce the risk of fraud. The trade organization Svensk Handel is cautiously positive:

- Basically, we think it is good that you make sure to reduce fraud and thus secure confidence in card payments. There we agree completely, says payment expert Bengt Nilervall.

At the same time, there are problems, according to Swedish Trade.

- We think it is a bit unfortunate that they have pulled out on time which has led to quite short transition periods. Then they have also opened up to have different implementation times in Europe which we think is very unfortunate.

What is the problem with us being invisible in Europe?

- There are different rules of conduct in the different countries. It would have been better if you had listened to the industry and the banking world, that this is a challenge, and then found a reasonable date where everyone had the opportunity to change.

Do you think we will have problems in Sweden?

- Thankfully we are now quite far ahead. Many use chip and pin code, there are not many signature purchases. When it comes to e-commerce, we have quite a few who have introduced security solutions. Therefore, my hope is that this will not have as much impact on Swedish merchants and consumers, says Bengt Nilervall.

Is there any concern that this will reduce people's propensity to consume?

- No, I think we have a pragmatic approach to this and that there will not be as many transactions that are stopped. It is my hope that things will go well for all cardholders and traders, says Bengt Nilervall.