Recommendations for Payment Services Regulation amendments

Driven by the digital revolution, new services and players have been progressively shaping the market since the introduction of the second Payment Services Directive (PSD2), bringing more choice, efficiency and inclusion to payments. The PSD2 brought significant disruptions to the market and the regulatory framework, with a strong emphasis on fraud prevention. While safeguarding this acquis, the PSR and the third Payments Services Directive (PSD3) should emphasise an outcome-based approach, allowing the industry to innovate and improve the consumer experience. In this spirit, the ECON Committee should continue to push for progress on strong customer authentication (SCA), but beware of the Digital Markets Act (DMA)-related provisions threatening to create an asymmetric regime.