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PSD2 - The SPA Position - 27 Jan 2016

Smart payment association - article blog


The PDS2 constitutes the core of the regulatory framework that is intended to re-shape the EEA retail payments market according to the SEPA objectives. The SPA views the publication of PSD2 as an inevitable next step forward, following the introduction of PSD1 to facilitate the entry of non-banks into the retail payments market. Expanding the scope of PSD1, PSD2 includes new categories of regulated Payment Service Providers, or so called Third Party Payment Providers. The adoption of innovative payment instruments is also encouraged by enhancing consumer protection provisions.


With that regard, the publication of PSD2 reinforces the recent market trend of technology providers offering emerging payment services. Moreover, the Interchange Fee Regulation, which completes the PSD2 for card payments, may substantially change card payment market structures, promoting the use of debit cards and incentivizing the deployment of instant payment instruments and systems.


This position is not intended to provide a comprehensive assessment of all the remits and chapters contained in PSD2, but focuses on aspects of PSD2 that have an impact on the security of transactions and provides a brief overview of certain competition issues.