European Commission - Frequently Asked Questions: Making electronic payments and online banking safer and easier for consumers

European Commission - PRESS RELEASES - Press release - Frequently Asked Questions: Making electronic payments and online banking safer and easier for consumers

1. Payment Services Directive

What is the Payment Services Directive 2 (PSD2)?

The revised Payment Services Directive (PSD2) aims to further modernise Europe's payment services for the benefit of consumers and businesses. It promotes the development of innovative online and mobile payments, more secure payments and better consumer protection. At the same time, the directive aims to improve the level-playing field for payment service providers - including new players or FinTechs - and contribute to a more integrated and efficient European payments market. Overall, the updated rules will help to facilitate innovation, competition and efficiency in the EU online payments market. PSD2 also marks another step towards the completion of the digital single market in the EU andgives consumers more and better choices when it comes to retail payments

Many elements of the PSD2 already entered into application across the EU on 13 January 2018 and more improvements come into application on September 14.

PSD2 brings several major consumer benefits, such as:(...)