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Revised rules to revolutionise EU payment services

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Revised rules to revolutionise EU payment services

E-commerce - Image by Varun

(BRUSSELS) - Cheaper, easier and safer electronic payments should result from the revised Payment Services Directive (PSD2), which applies as of 13 January, and aims to modernise Europe's online payment services.

The PSD2 legislation will ban surcharges for consumer debit and credit card payments, and promote development of innovative online and mobile payments, according to the European Commission, thus benefiting the economy and growth.

"This could save more than EUR 550 million per year for EU consumers, says Valdis Dombrovskis, EC vice-president responsible for Financial Stability, Financial Services and Capital Markets Union: "Consumers will also be better protected when they make payments."

The new rules will:

  • Prohibit surcharging, which are additional charges for payments with consumer credit or debit cards, both in shops or online;
  • Open the EU payment market to companies offering payment services, based on them gaining access to information about the payment account;
  • Introduce strict security requirements for electronic payments and for the protection of consumers' financial data;
  • Enhance consumers' rights in numerous areas. These include reducing the liability for non-authorised payments and introducing an unconditional ("no questions asked") refund right for direct debits in euro.

The rules will be applicable as of 13 January 2018 through provisions that EU Member States have introduced in their national laws in compliance with the EU legislation.

The Commission is calling on Member States who have not yet transposed the Directive to do so 'as a matter of urgency'.

The revised Payment Services Directive (PSD2, Directive 2015/2366/EU), is the latest in a series of laws adopted by the EU in order to provide for modern, efficient and cheap payment services and to enhance protection for European consumers and businesses. It incorporates and repeals Directive 2007/64/EC (Payment Services Directive, or PSD1), which provided the legal basis for the creation of an EU-wide single market for payment services. The revised Directive adapts the rules to cater for emerging and innovative payment services, including internet and mobile payments, while at the same time ensuring a more secure environment for consumers.

Payment Services Directive background guide

Payment services (PSD 2) - Directive (EU) 2015/2366

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