EU to modernise Europe’s payment services

“This legislation is another step towards a digital single market in the EU. It will promote the development of innovative online and mobile payments, which will benefit the economy and growth. With PSD2 becoming applicable, we are banning surcharges for consumer debit and credit card payments. This could save more than €550 million per year for EU consumers. Consumers will also be better protected when they make payments.” Said Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union. 

The new rules will be applicable as of 13 January 2018 through provisions that Member States have introduced in their national laws in compliance with the EU legislation. The Commission calls on Member States who have not yet transposed the Directive, to do so as a matter of urgency.

The revised Payment Services Directive (PSD2), which will apply as of 13 January 2018, aims to modernise Europe’s payment services to the benefit of both consumers and businesses, so as to keep pace with this rapidly evolving market.

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