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ARTICLE · 03 MARCH 2025

Payment And E-Money Firms - Payment Services And E-Money Regulation

Arthur Cox
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Payment and e-money firms should be able to clearly demonstrate how they comply with at least the following requirements...

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Robert Cain
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Payment and e-money firms should be able to clearly demonstrate how they comply with at least the following requirements:

Payment Services Directive and Regulation

PAYMENT SERVICES DIRECTIVE 1 (PSD 1)

PSD1, adopted in 2007, aimed to create a single market for payments within the European Union.

  • Provided the legal basis for the Single Euro Payments Area (SEPA).
  • Introduced a new licensing regime to encourage non-banks to enter the payments market.
  • Set common standards for terms and conditions, focusing on high levels of transparency.
  • Shifted liability between providers and customer to enhance consumer protection.

PAYMENT SERVICES DIRECTIVE 2 (PSD 2)

PSD2, adopted in 2016, aimed at enhancing the security, innovation, and competitiveness of the European payments market.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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