engleski

Electronic payment under the revised Directive on payment services (PSD 2)

Contemporary trade changes the way of purchasing goods and services in European internal market. In recent years, both European citizens and businesses are more and more turning towards e-commerce so the electronic payments have to be secure and efficient. The first Directive on payment services in 2007 (PSD 1) established and introduced the same set of rules on electronic and non-cash payments across the whole European Economic Area. This paper analyses the continued development of legal foundation for a better integrated internal market and safe electronic payments through revised Directive on payment services (PSD 2) which became applicable in January 2018. New PSD 2 rules are setting new strict security requirements, the transparency and the rights and obligations of users and providers of payment services. The aim of this paper is to answer the question what kind of legal measures are used to facilitate innovation, competition and efficiency in electronic payment services. Also, by comparing the first and the revised directive on payment services, the paper points out some crucial changes made for higher security standards for online payments giving the consumers more confidence when buying online.

electronic payment transactions, EU legal framework, Directive on payment services (PSD2), SEPA

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