MEPs Vote for More Open Competitive Payment Services in the EU

The MEPs’ changes to the Payment Services Regulation (PSR) include:

• Payment service users to be better protected from fraud and misuse of their data;
• All fees and charges for payment services should be transparent;
• Level playing field between banks and non-bank payment service providers;
• Provisions to ensure a better access to cash, especially in remote or rural areas.

The regulation should provide more harmonisation in the EU for payment and electronic money services. It applies to banks, post office giro institutions and payment institutions.

Firms should remain attuned to the development of PSR as the legislation progresses through the EU Parliament.