How to Design a Successful European Payments Market? DIGITALEUROPE’s position on the Payment Services Regulation (PSR) and Payment Services Directive 3 (PSD3) Proposals

Executive Summary

Valued at €240 trillion in Europe in 2021, electronic payments are essential to Europe’s economy. Their importance and value will only increase. As the legislative framework governing electronic payments, the Payment Services Regulation must deliver logical and common-sense rules that make EU citizens’ lives simpler. Payment security can be achieved without undermining user-friendliness. The two are not mutually exclusive.

To achieve this, the EU must:

• Allow industry flexibility in providing Strong Customer Authentication (SCA), including by exempting electric vehicle charging stations from the SCA’s scope.
• Remove Art. 59 from the text, as it unjustifiably makes industry accountable for fraudsters’ impersonation scams. The focus must instead be on raising consumer awareness and detecting criminals through public-private collaboration.
• Maintain alignment between data permission dashboards in this regulation and with those in the Financial Data Access Regulation (FIDA). This is vital to ensure proper data consent monitoring by the customer.