What is the difference between exemption and exclusion?

Exclusions are transactions that are OUT of scope for PSD2 SCA regulations:

• Mail order/telephone order
• One leg journey - Payee's PSP (aka Merchant's acquirer) or Payer's PSP (aka Buyer's payment method issuer) is outside of EEA zone
• Anonymous prepaid cards up to 150€ (article 63)
• MIT - merchant initiated transactions

Exemptions are transactions that are IN the scope of PSD2 SCA regulations:

• Low value transactions
• Subscriptions
• Risk analysis
• Whitelisting