Payment Services Regulations 2018 – Main Points

PSD2 was transposed into Irish law by the European Union (Payment Services) Regulations 2018 (the 2018 Regulations).

PSD1 came into force in Ireland in 2009 and set out rules on electronic payments, such as mobile and online payments, electronic credit transfers, direct debits and debit and visa card payments. Given the substantial progress made since 2009 in the use of technology for accessing financial services, PSD2 was introduced to update and bolster the rules set out in PSD1 and to make internet payments easier and safer.

PSD2 is also broader in scope than PSD1. It introduces two new categories of payment service providers that require authorisation, namely payment initiation service providers or "PISPs" and account information service providers or "AISPs". PISPs help consumers make online credit transfers. They also inform sellers of goods or services immediately when an online payment has been initiated by a consumer. This allows for the immediate dispatch