Payment Services Directive 3 – Shaping The Path For Future Payments In The EU

On 28 April 2023 the European Commission ("Commission") put forth a proposal (Link) to revise Directive (EU) 2015/2366 (Payment Services Directive, "PSD2"), which was adopted on the EU level in 2015 and transposed into Austrian law by the Payment Services Act (Zahlungsdienstegesetz 2018 – ZaDiG 2018).

The package is part of the EU's retail payments strategy to amend and modernise the payment services framework, given market developments and innovations over the past years. The package of drafts includes:

• an amended Payment Services Directive ("PSD3"), which mainly amends Title II of PSD2 and repeals Directive 2009/110/EC (Electronic Money Directive, "EMD");
• a Payment Services Regulation ("PSR", together with PSD3 the "PSD3 Package"), which will clarify and substitute Title III and IV of PSD2.