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Payment Matters 21: Europe and beyond

Payment Matters 21: Europe and beyond

  • United Kingdom
  • Financial institutions - Payment services

03-02-2016

In this issue:

PSD2 published

The Council of the EU adopted the Payment Services Directive 2 (PSD2) in November 2015, following its adoption by the European Parliament in October 2015. The text of PSD2 was published in the Official Journal of the EU on 23 December 2015. PSD2 entered into force on 12 January 2016.

What this means for you

The deadline for member states to transpose PSD2 into their national laws and regulations is 13 January 2018.

Among other provisions, Payment Service Providers (PSPs) will need to be transparent in respect of various matters, such as account services and charges, major operational or security incidents and complaint handling. The new legislation will also bring in new data security obligations for operators that support PSPs, namely Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs), who were previously exempt under PSD1.

Apple in discussions on new P2P payments service

Apple is reported to be in discussions with US banks regarding the development of a person-to-person (P2P) payments service. The service would enable users to send money from to one another via their mobile telephones.

What this means for you

This latest development reflects the continuing trend for innovation in, and consumer preference for, cashless payment methods.

Walmart to enter mobile payments space

Retail giant Walmart has recently announced the launch of Walmart Pay, which will enable customers to use a smartphone app to make payment for goods.

What this means for you

Walmart’s mobile app works with both iOS and Android mobile operating systems, as well as major credit and debit cards. Its development reflects the continuing trend by retailers to use mobile devices to facilitate customer payments – making shopping faster and easier.

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