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Minister Donohoe signs EU Regulations into law to further protect consumer payments
The Minister for Finance, Mr. Paschal Donohoe T.D. has today (Friday) signed regulations – the European Union (Payment Services) Regulations 2018 – to give effect to the revised Payment Services Directive or “PSD2” (Directive (EU) 2015/2366[1]).
Minister Donohoe stated:
“Consumers want to know that their payments are safe when they shop or make a payment, be that in store or online. PSD2 will ensure that consumers have stronger rights and greater choice when using payment services”.
The overall objective of PSD2 is to further harmonise the rules for an EU single market for payments, aiming to create a more integrated and efficient European payments market. The main changes introduced by PSD2 are the addition of two new categories of payment services providers to be regulated, greater protection for consumers, and the introduction of new rules on strong customer authentication and secure communication which are intended to make payments safer.
The vast majority of the provisions of PSD2 come into operation on 13th January 2018. A small number of provisions will come into operation 18 months from the date the regulatory technical standards on strong customer authentication and common and secure open standards of communication enter into force.
[1] http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015L2366&from=EN
[2] http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32007L0064&from=EN