Card subscription payments, otherwise known as recurring Merchant-Initiated Transactions (MIT’s), are one or a series of transactions governed by an agreement between the cardholder (you) and the Service Provider (Merchant). Card subscription payments are made using your Debit or Credit card, rather than with your bank account details (such as Direct Debit or a Standing Order).
Examples of card subscription payments include streaming TV subscriptions, internet service providers or bill pay phones.
As part of Payment Services Directive 2 (PSD2), new measures will be introduced from 8th March to improve the security of these payments. From this date, all recurring MIT payment transactions must be correctly coded and flagged by the Service Provider (Merchant) and aligned to the MIT framework or they cannot be processed by any Bank.
If you have subscribed to a service using your Debit or Credit card and your Service Provider (Merchant) submits your transaction incorrectly, we will not be able to process this transaction.
It’s important to note, if you have any questions regarding your subscription payments you will need to contact your Service Provider directly. Unfortunately PTSB cannot enquire or resolve unprocessed subscription payments on your behalf.
Card subscription payments otherwise known as recurring Merchant-Initiated Transactions (MIT’s) are one or a series of transactions governed by an agreement between the cardholder (you) and the Service Provider (Merchant).
Examples of card subscription payments include, but are not limited to, streaming TV subscriptions, internet service providers or bill pay phones, where the subscription payment was arranged on a Debit or Credit card, rather than with bank details such as a Direct Debit or Standing Order.
You may notice that some of your card subscription payments are not going out of your account as normal. In addition, you may be contacted by the Service Provider via the relevant channels (email, text, push notification etc.) advising you that a payment has been declined and any appropriate next steps. Please remember that PTSB will never send you an email or text containing a link. We would also advise you to be extra vigilant when you receive such communications from other Service Providers.
If you have any questions regarding your card subscription payments you will need to contact your Service Provider directly. Unfortunately PTSB cannot enquire or resolve unprocessed card subscription payments on your behalf.
No, this is a European regulation change and will apply to all banks across Europe and Ireland.
