EU Digital Single Market - Waiting PSD2

Article

Waiting for PSD2

Will the EU Digital Single Market deliver both payment security and access to information?

Executive Summary

Essential for the development of the EU Digital Single Market is the legislation of the payment services market, a market regulated until today by Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, referred to as the Payment Services Directive (PSD1).

This directive is now in the process of being updated, as the Council of the EU (the Council), the European Parliament (EP) and the EC are negotiating to finalize the Proposal for a Directive of the European Parliament and of the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC (PSD2). PSD2 will bring some significant changes to the payment services market in order to align the EU with the inevitable and fast-moving technological changes currently underway.

We provide a brief summary of what these changes are, list the objectives they aim to achieve, and present the main players, both the actors who will be subject to and the stakeholders involved in the shaping of PSD2. We then focus on two specific aspects of the directive, namely payment security and access to information, and particularly on their potential incompatibility. Finally, we see how some stakeholders’ initiatives could resolve this apparent incompatibility.

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