European Parliament adopts European Commission proposal to create safer and more innovative European payments

The European Commission has welcomed today’s adoption by the European Parliament of the revised Directive on Payment Services (PSD2). These new rules will protect consumers better when they make payments, promote the development and use of innovative online and mobile payments and make European payment services safer for consumers and businesses. Commissioner Hill, responsible for Financial Stability, Financial Services and Capital Markets Union, said: “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.” Commissioner Vestager, responsible for competition policy, said: “We have already used EU competition rules to ensure that new and innovative players can compete for digital payment services alongside banks and other traditional providers. Today’s vote by the Parliament builds on this by providing a legislative framework to facilitate the entry of such new players and ensure they provide secure and efficient payment services. The new Directive will greatly benefit European consumers by making it easier to shop online and enabling new services to enter the market to manage their bank accounts, for example to keep track of their spending on different accounts”.  A full press release is available in EN, FR and DE (see also MEMO)