May 22, 2016
Under the Payment Services Directive (PSD 2), the digital revolution of making payments online is now regulated at a community level. With the power of innovation in this market, the EU-wide harmonization of online payments will lead to increased security for payment transactions and account information.
Typically, legislation mostly certifies and provides a legal framework for practices that are already well-established. PSD 2, on the other hand, is a directive that is ahead of current practices. For online payment services, the stakes are high and far-reaching, which has necessitated an early understanding of the potential effects of digitalization and digital technology. The rapid development of new services such as what the directive defines as payment initiation services and account information services shows that the payment services market has been stagnant until now.
With the introduction of payment initiation services, using credit cards for online paymen ...