New rules on Payment Services in the EU

08 October 2015

On October 8, the European Parliament adopted the revised Directive on Payment Services (PSD2) to replace the original one from 2007.

The text is expected to provide for modern, efficient and cheap payment services and to enhance protection for European consumers and businesses. New rules will be introduced such as the introduction of strict security requirements for the initiation and processing of electronic payments or the prohibition of additional fees whether the payment instrument is used in shops or online.

After the publication of the text in the Official Journal to the EU in the near future, Members States will have two years to introduce the necessary changes in their national laws in order to comply with the new rules.