What is the aim of PSD2?

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