Payment Services Directive

The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366,[1] which replaced the Payment Services Directive (PSD), Directive 2007/64/EC[2]) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users.[3] The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers.[4]

  1. ^ Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (Text with EEA relevance), vol. OJ L, 23 December 2015, retrieved 12 July 2020
  2. ^ Cite error: The named reference 32007L0064 was invoked but never defined (see the help page).
  3. ^ "Payment services (PSD 1) - Directive 2007/64/EC". European Commission. Retrieved 13 February 2017.
  4. ^ "Authorised Payment Institution | Payments | Licensing & Compliance". BCC UK. Retrieved 26 May 2020.