EU proposes revised Payment Services Directive modernizing digital payments and electronic money rules
Original title: Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC
The European Commission has published a proposal for a new Directive on payment services and electronic money services that would repeal and replace the existing PSD2 (Directive 2015/2366/EU) and the Electronic Money Directive (2009/110/EC). This legislative proposal aims to modernize the EU's payment services framework to address digital innovation, security requirements, and market evolution. Payment service providers, electronic money institutions, and authorized entities subject to PSD2 will need to comply with updated requirements once the directive is adopted and enters into force.
What changed
- Commission proposes comprehensive revision of Directive 2015/2366/EU (PSD2), seeking to repeal and replace the existing framework with modernized provisions for payment services.
- Proposal includes amendments to Directive 98/26/EC on settlement finality, updating rules for interoperability and technical standards in payment systems.
- Electronic Money Directive 2009/110/EC is proposed for repeal, consolidating payment services and electronic money regulations under a single legislative framework.
- The proposal is currently in legislative process and has not yet entered into force; it will be subject to European Parliament and Council review and negotiation before adoption.
Who is affected
EU payment service providers (banks, payment institutions, small payment institutions), electronic money institutions, authorized payment initiation and account information service providers, and consumers using payment services across the EU internal market. Requirements apply to entities operating across EU member states.
Summary generated by a language model; the official text prevails. Not legal advice.