European Directive 2015/2366 on payment services in the
internal market (the "PSD2")
PSD2 is the revised version of the EU Directive on Payment
Services and its goal is to modernise the payment services for the
benefit of consumers and businesses through innovative rules. One
of the main objectives of the modernisation is the stronger
security of electronic payments without negatively impacting the
customer experience.
PSD2 has been transposed into Cyprus law through the Payment
Services and Access to Payment Systems Law of 2018
(31(I)/2018).
Main components of PSD2:
- Strong security requirements for electronic payments
- Increases competition by allowing non-bank companies to offer
innovative services
