European Parliament Agrees to EC Proposal on Online Payments

EU coins money EuropeThe European Parliament has adopted the proposal by the European Commission regarding a revised directive on payment services – also called PSD2. The law was originally proposed in July of 2013.  The legislation is designed to protect consumers when they make payments online and via mobile devices, while providing for “cheap payment services and to enhance protection for European consumers and businesses”.

Commissioner Jonathan Hill, responsible for Financial Stability, Financial Services and Capital Markets Union, commented on the approval;

“European consumers want to know that their payments are safe when they shop or make a payment online. The new Payment Services Directive will ensure that electronic payments in Europe become more secure and more convenient for European shoppers. This legislation is a step towards a digital single market; it will benefit consumers and businesses, and help the economy grow. I want to thank the European Parliament for the work it has put into reaching this agreement, and pay tribute to the work of rapporteur Antonio Tajani, Vice-President of the European Parliament.”

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.   The approved directive may be viewed here.

 

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