Who does the Payment Services Directive apply to?

22 Mar 2022 By PAYCEC

The Payment Services Directive scope applies to the payment industry in the European Union. This means that all members of the EU need to apply PSD2 compliance in their payment transactions.

PSD2 expands a number of duties, including information obligations, to payments to and from third countries where one of the payment service providers is headquartered in the European Union. PSD1 only applies to intra-EU payments.

The expansion of the scope has mainly affected EU-based banks and other payment service providers. In reality, this means that, at least for their portion of the transaction, these financial services providers must give information and transparency on the prices and conditions of these international payments. They may also be held responsible for their part of the payment transaction if something goes wrong that is attributable to them.

Furthermore, the scope expansion will have the effect of applying the same regulations to payments made in a currency that is not denominated in Euro or another Member State's currency.

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