The Directive on Payment Services (PSD) provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as ’national’ payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time the Directive provides the necessary legal platform for the Single Euro Payments Area (SEPA).
- Press release (12.12.2007)
- Final text of the Payment Services Directive
- Brochure on what the PSD means for consumers
- Background documents / Archives
Transposition of PSD
After the formal adoption by the Council and the European Parliament, Member States had around two years to adopt the national rules implementing the Payment Services Directive into domestic law.
>> Read more on the transposition of PSD [more]
Questions & answers
Transposition by Member States
- Final report of the study on the transposition of the PSD
- Reports of the study by Member States:
- Information of the transposition plans of the Member States (August 2013)
Member States’ options
Despite a full harmonisation approach retained by the PSD, as many as 23 optional provisions left a certain margin of discretion to the Member States.
- Complete list of the Member States’ options
- Information on the intended use of options by Member States
- National public registers of payment institutions (Article 13)
- Competent authorities for the authorisation and supervision of payment institutions (Article 20)
- Competent authorities for the access to payment systems (Article 28)
- Competent authorities for handling complaints (Article 80)
- Out-of-court complaint bodies (Article 83)
- Guidelines for the exercise of the right of establishment and freedom to provide services in other EEA States (Article 25), update: 2013
Revised Directive on Payment Services (PSD2)
The European Parliament adopts the revised Directive on Payment Services – 08.10.2015
The European Commission welcomes today’s adoption by the European Parliament of the revised Directive on Payment Services (PSD2).
Following the Parliament’s vote, the Directive will be formally adopted by the EU Council of Ministers in the near future. The Directive will then be published in the Official Journal of the EU. From that date, Member States will have two years to introduce the necessary changes in their national laws in order to comply with the new rules.
- Press release
- Frequently Asked Questions
- Press release of the European Parliament
- Text of the Revised Directive (PSD2)
Updating payment service rules: MEPs do deal with the Council – 05.05.2015
EU rules on payment services would be updated to improve security, widen consumer choice and keep pace with innovation under an informal deal struck by Economic and Monetary Affairs Committee MEPs and the Latvian Presidency of the Council on 5 May 2015. The updated rules still need to be endorsed by Parliament as a whole and the Council.
Payments legislative package – 24.07.2013
On 24 July 2013, the Commission adopted a legislative package in the field of the EU payments framework. This package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) will help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security to the benefits of all stakeholders and consumers in particular. Modernisation of the legislative framework for retail payments was also defined as one of the key actions of the Commission Single Market Act II and is inter alia a response to the Commission’s Green Paper “Towards an integrated European market for card, internet and mobile payments” of 2012. It provides for the following documents:
- Press conference
- Press release
- Frequently Asked Questions
- Speech by Commissioner Barnier
- Commission Proposal for a revised Payment Services Directive (PSD2)
- Commission Proposal for a Regulation on Multilateral Interchange Fees (MIFs)
- Commission Report to the European Parliament and the Council on the application of the PSD and on Regulation 924/2009
- Impact Assessment:
- Citizen’s summary
- Study on the impact of the PSD and on the application of Regulation 924/2009
Annex to the Study
The views expressed in this study on the impact of Directive 2007/64/EC on payment services in the internal market and on the application of Regulation (EC) no 924/2009 on cross-border payments in the community are those of the authors alone. Publication of this study on the Commission’s web-site does not mean that the Commission endorses the views expressed and the assessments carried out. The Commission does not guarantee the accuracy of the data included in the study, nor does it accept responsibility for any use made thereof. Reproduction is authorised provided the source – London Economics and iff in association with PaySys – is acknowledged.