The seven most important changes of PSD2

With the introduction of PSD2, a lot has changed in the European payments market. The directive introduces new payment services and new regulation which should contribute to more standardization within the payments market, more protection for consumers and more competition within the payments market.

The seven most important changes are listed here:

  1. Expansion of the PSD1 scope
  2. Limitation of exemptions
  3. Recharging of card payment costs restricted
  4. Consumer liability reduced
  5. Additional requirements for payment institutions
  6. Access to payment account (part 1/2) – by Third Parties
  7. Access to payment account (part 2/2) – authentication by customers