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ARTICLE · 03 OCTOBER 2013

BSP Newsletter: June - September 2013

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On July 24th 2013 the European Commission presented its proposal for a new directive on payment services and a proposal for a regulation on interchange fees for card-based payment transactions.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

BANKING & FINANCE

NEW RULES ON PAYMENT SERVICES

On July 24th 2013 the European Commission (the "Commission") presented its proposal for a new directive on payment services ("PSD2") and a proposal for a regulation on interchange fees for card-based payment transactions.

  • The revised PSD2 will amend the previous payment services directive of 2007. The new directive aims to create higher levels of security and to improve consumers' protection to combat fraud and abuse. In addition, the proposal seeks to promote the introduction of new, innovative low-cost payment services, mainly internet-based services (without the use of a credit card). Consumers will be better protected against fraud, abuse and payment errors. Consumers may be required to face only very limited losses (up to maximum of 50 EUR – versus 150 EUR currently) in the case of an unauthorised credit card payment.

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