In order to adapt EU payments market to the opportunities of the single market and to support the growth of the EU economy, the European Commission adopted today a package including:

A new payment Services Directive (“PSD2”)
A proposal for regulation on interchange fees for card-based payment transactions
The revised Payment Services Directive brings a number of new important elements and improvements to the EU payment market:

It facilitates and renders more secure the use of low cost internet payment services by including within its scope new so-called payment initiation services.
Consumers will be better protected against fraud, possible abuses and payment incidents.
The proposal increases consumer rights when sending transfers and money remittances outside Europe or paying in non-EU currencies.
It will promote the emergence of new players and the development of innovative mobile and internet payments in Europe for sake of EU competitiveness worldwide.
The Regulation on interchange fees, combined with the revised PSD, will introduce maximum levels of interchange fees for transactions based on consumer debit and credit cards and ban surcharges on these types of cards.


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