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Market environment and
PSD2 in a nutshell
By 13th January 2018, Member States will have to
implement the Directive 2015/2366/EU into their national
regulations known as PSD2.
On the one hand the need stems from the necessity to regulate
a market characterised by an increased complexity in
terms of player and digital evolution, on the other hand from
the need to harmonise a fragmented European
regulatory framework resulting from the implementation
differences among Member States.
PSD2 is just the latest of a series of interventions made by the
European legislator in the area of payment services: the aim is
to continue the development of an integrated single market by
standardising the rules of Payment Services Providers (PSP)
and the new market players (today unregulated), helping to
strengthen the security of the system and ensuring a high level
of competition and transparency towards consumers.
Why do we need a new Payment Services Directive (PSD)?
Published in the official journal of the European Union on December 23rd, 2015 on payment services in the internal market, Directive 2007/64/repealing previous EC (PSD)
PSD: 2010 2015 open points
Inconsistent application of PSD and of other
European regulations in the various Member
Several generic exemptions in the Directive
Many operators and unregulated intermediaries
Lack of standardisation and interoperability of
payment solutions and security systems
Application of different fees across EU Members
PSD2: 2016 2018 the answers
Strengthen consumer's protection
Develop new payment solutions
Regulate new market players
Uniform fees on card payments in line with MIF
Increase the level of competition
Overcome differences between the disciplines of the EU
General increase in efficiency through the
standardisation of infrastructures
PwC | 2
PSD2 in a nutshell | n. 1
PwC elaboration of data "Committee on Payments and Market Infrastructures", Bank for International Settlements, 2014