Under its new proposal for a Payment Services Regulation (PSR), from 28 June 2023, the European Commission reinforced the refund rights for merchant-initiated transactions (MITs). It does so by extending the unconditional refund right under Article 62(1) that exists for direct debits (DDs) to all MIT transactions. In essence, this means that payers would be able to request a “no questions asked” refund from payment service providers (PSPs) within eight weeks of any MIT. AmCham EU has co-signed a joint association statement encouraging co-legislators to consider removing this obligation for unconditional refund rights for MITs, with the exception of DDs.
Joint association statement: Remove the obligation for unconditional refund rights for merchant-initiated transactions under the Payment Services Regulation
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