PSD2 aims to create a single and integrated payment services market, aligning standards for institutional banks and emerging Payment Service Providers (PSPs), and accelerating the digital transformation in payments.
Its main objectives are to:
- contribute to a more integrated and efficient European payments market
- open up payments market to new entrants increasing competition
- promote innovative and internet payment services
- introduce strict security rules for the initiation and processing of electronic payments and for the protection of consumers’ data