The Council of the EU has adopted the proposed Directive repealing and replacing the Payment Services Directive (PSD2).

By incorporating and repealing the Payment Services Directive, the PSD2 adapts the rules to cater for emerging and innovative payment services, including internet and mobile payments. It sets out to ensure a more secure environment for payments, in particular for those using remote channels.

The PSD2 will next be published in the Official Journal of the EU and enter into force 20 days thereafter. Member states will have two years to transpose the PSD2 into their national laws and regulations.

View Electronic payment services: Council adopts updated rules, 16 November 2015