European consumers can now reap the full benefits of paying online for goods and services as the revised Payment Services Directive (PSD2) of the European Commission, which started applying from January 13, makes it cheaper, easier and safer to make electronic payments. PSD2 aims to modernise Europe's payment services to benefit consumers and businesses.

The new regulations better protect consumers and ban surcharges for consumer debit and credit card payments, which could save more than 550 million euros annually for European Union (EU) consumers, according to a press release from the Commission.

The new rules open the EU payment market to companies offering payment services, based on them gaining access to information about the payment account; introduces strict security requirements for electronic payments and for the protection of consumers' financial data; and enhances consumers' rights, including reducing the liability for non-authorised payments and introducing an unconditional refund right for direct debits in euro.

The revised PSD2, proposed by the European Commission in July 2013 and agreed by co-legislators in 2015, is the latest in a series of laws adopted by the EU to provide for modern, efficient and cheap payment services and to enhance protection for European consumers and businesses. (DS)

Fibre2Fashion News Desk – India

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.