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HomePoliciesGovernanceEuropean Parliament adopts proposal to create safer and more innovative European payments
New rules will protect consumers

European Parliament adopts proposal to create safer and more innovative European payments

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The new rules will protect consumers better when they make payments, promote the development and use of innovative online and mobile payments and make European payment services safer. Following the Parliament´s vote, the Directive will be formally adopted by the EU Council of Ministers in the near future. The Directive will then be published in the Official Journal of the EU

The European Commission welcomes today´s adoption by the European Parliament of the revised Directive on Payment Services (PSD2). This new law, proposed by the European Commission in July 2013, enhances consumer protection, promotes innovation and improves the security of payment services. PSD2 is the latest in a series of laws recently adopted by the EU in order to provide for modern, efficient and cheap payment services and to enhance protection for European consumers and businesses.

Following the Parliament´s vote, the Directive will be formally adopted by the EU Council of Ministers in the near future. The Directive will then be published in the Official Journal of the EU. From that date, Member States will have two years to introduce the necessary changes in their national laws in order to comply with the new rules.

Some of the changes that the new rules introduce are:

  • Introduction of strict security requirements for the initiation and processing of electronic payments and the protection of consumers´ financial data;
  • Opening the EU payment market for companies offering consumer or business-oriented payment services based on the access to information about the payment account – the so called "payment initiation services providers" and "account information services providers";
  • Enhancing consumers’ rights in numerous areas, including reducing the liability for non-authorised payments, introducing an unconditional ("no questions asked") refund right for direct debits in euro; 
  • Prohibition of surcharging (additional charges for the right to pay e.g. with a card) whether the payment instrument is used in shops or online.

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