Payment Services Directive 2

Payments Services Directive 2

Since the transposition of the first Payment Services Directive, a considerable amount of technological developments have occurred in relation to payment services, and new players have entered the payments market.

The revised Payment Services Directive 2 (“PSD2”) is aimed at extending the provisions set out in PSD1 by regulating these new market players, enhancing consumer protection, ensuring competition and harmonising the regulations across Europe.

PSD2 must be transposed into Irish law by 13 January 2018. The EU Directive can be read here: Payment Services Directive 2

PSD2 Public Consultation

A public consultation on PSD2 ran from June to September 2016. The purpose of this consultation was to obtain submissions on the transposition of PSD2. The consultation will inform the Department’s position with regard to provisions in PSD2 where Member States have discretion as to whether to apply them in national legislation.

A copy of this public consultation can be found here: PSD2 Public Consultation

Minister’s Decisions

  • To follow

Transposing Legislation

  • To follow