Press Release: European Parliament adopts European Commission proposal to create safer and more innovative European payments

The European Parliament approved in plenary on 8 October 2015 a draft proposal released by the European Commission (EC) in July 2013 to update rules on payment services. The proposal had already been informally agreed with the Council of the European Union but still waited for official approval before it could be adopted by the EU.

The updated rules aim to cut the cost of paying bills (by enabling new market players to use mobile and online tools to make payments on a client's behalf) and to make online payments safer (by laying down protection and liability rules for all online payment service providers).

The EC welcomed the aoption by the parliament of the revised Directive on Payment Services (PSD2).

• Primary Source

European Commission: DG Communication: RAPID: MEMO/15/5793, 08.10.15: Payment Services Directive: frequently asked questions http://europa.eu/rapid/press-release_MEMO-15-5793_en.htm

ESO: Background information: Electronic payment services: Council confirms agreement with EP on updated rules http://www.europeansources.info/record/press-release-electronic-payment-services-council-confirms-agreement-with-ep-on-updated-rules/

European Parliament: Newsroom: Press Release, 08.10.15: Opening up the online payments market, so as to reduce fees and fraud risks http://www.europarl.europa.eu/news/en/news-room/content/20151002IPR95307/

EurActiv, 09.10.15: MEPs green light new online payment rules http://www.euractiv.com/sections/digital/meps-green-light-new-online-payment-rules-318362

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