New EU rules for payment services

31 July 2013

To adapt the EU payments market to the opportunities offered by the single European market and support growth in the EU economy, the European Commission has approved a package comprising:

a new Payment Services Directive (PSD2);
a proposal for a regulation on interchange fees for card-based payment transactions (MIFs).

Michel Barnier, European Commissioner for Internal Market and Services, says: “Our proposal will promote the digital single market by making online payments cheaper and more secure for both retailers and consumers. The proposed changes will also remove a major barrier between national payments markets and finally put an end to the unjustifiably high level of these fees.”

Read the full European Commission press release.
Read the European Commission’s questions and answers on PSD2 and MIFs.