An increase in safety for payment services? - The effects of the PSD2 on the consumer
(2018) JURM02 20182Department of Law
Faculty of Law
- Abstract
- During the last years, technical solutions on the financial market has increased, especially with the developments of apps. The more classic banking is now co-excising with new solutions that help consumers with their financial services, many from so-called FinTech companies. In regard of payment services, a new directive called PSD2 has recently been implemented within the EU. This directive has, as one of its many goals, to strengthen the consumers role on the market. The aim of this thesis is therefore to examine if, and how, consumers protection has increased with the PSD2 compared to first payment service directive, either through directly or indirectly.
What constitutes a payment service is defined in Annex 1 of the PSD2 and... (More) - During the last years, technical solutions on the financial market has increased, especially with the developments of apps. The more classic banking is now co-excising with new solutions that help consumers with their financial services, many from so-called FinTech companies. In regard of payment services, a new directive called PSD2 has recently been implemented within the EU. This directive has, as one of its many goals, to strengthen the consumers role on the market. The aim of this thesis is therefore to examine if, and how, consumers protection has increased with the PSD2 compared to first payment service directive, either through directly or indirectly.
What constitutes a payment service is defined in Annex 1 of the PSD2 and include two new types of services form the first Payment Service Directive. The Directive also introduces new types of providers of these payment services.
While the Directive do contain some provisions with direct changes in order to protect the consumer, such as forbidding surcharges, the biggest changes for the consumer will be from effects from other changes. One of the biggest changes is a requirement for credit institutions to open up access to their payment systems and to their customers’ accounts for other payment service providers. Other major changes include a wider scope of the Directive, introducing strong customer authentication and changes rules about liability for the providers and the consumers.
Overall, the Directive is expected to change the entire payment industry. It is expected to give economic advantages, as well as protecting the integrity of the consumer. Some of the areas that I personally expect will have some real effect is the widening of the scope and the strong consumer authentication provisions.
However, there are also many uncertainties about the Directive and its effectiveness. Many of the provisions in the Directive are very general and hard to predict how they will end up being interpreted. As a whole, I still expect that the Directive will provide some more protection for the consumer. (Less) - Abstract (Swedish)
- Under de senaste åren har tekniska lösningar på finansmarknaden ökat,
framförallt med utvecklingen av appar. Den mer klassiska bankverksamheten samverkar nu med nya lösningar som hjälper
konsumenterna med sina finansiella tjänster, många från så kallade FinTech-företag. Beträffande betalningstjänster har ett nytt direktiv som kallas PSD2 nyligen genomförts inom EU. Direktivet har, som ett av sina många mål, att stärka konsumentens roll på marknaden. Syftet med detta examensarbete är därför att undersöka om och hur konsumentskyddet har ökat i och med PSD2 jämfört med det första betaltjänstdirektivet, antingen direkt eller indirekt.
Vad som utgör en betalningstjänst är definierat i bilaga 1 till PSD2 och
innehåller två nya typer av... (More) - Under de senaste åren har tekniska lösningar på finansmarknaden ökat,
framförallt med utvecklingen av appar. Den mer klassiska bankverksamheten samverkar nu med nya lösningar som hjälper
konsumenterna med sina finansiella tjänster, många från så kallade FinTech-företag. Beträffande betalningstjänster har ett nytt direktiv som kallas PSD2 nyligen genomförts inom EU. Direktivet har, som ett av sina många mål, att stärka konsumentens roll på marknaden. Syftet med detta examensarbete är därför att undersöka om och hur konsumentskyddet har ökat i och med PSD2 jämfört med det första betaltjänstdirektivet, antingen direkt eller indirekt.
Vad som utgör en betalningstjänst är definierat i bilaga 1 till PSD2 och
innehåller två nya typer av tjänster utöver de som fanns i det första
direktivet. Direktivet inför också nya typer leverantörer av dessa
betaltjänster.
Även om direktivet innehåller vissa artiklar med direkta ändringar för att skydda konsumenten, som förbud mot tilläggskostnader för betalningar med kort, kommer de största förändringarna för konsumenten kommer att vara effekter från andra förändringar. En av de största förändringarna är ett krav på att kreditinstituten ska ge tillgång till sina betalningssystem och till sina kunders konton, till andra betalningsleverantörer. Andra viktiga förändringar inkluderar ett bredare tillämpningsområde av direktivet, införande av stark kundautentisering och ändringar av regler om ansvar för leverantörer och konsumenter.
Sammantaget förväntas direktivet ändra hela betalningsindustrin. Det
förväntas ge ekonomiska fördelar, såväl som att skydda konsumentens
integritet. Några av de områden som jag personligen förväntar mig kommer
att ha verklig effekt är utvidgningen av räckvidden och bestämmelserna om
stark konsumentautentisering.
Det finns emellertid också många osäkerheter om direktivet och dess
effektivitet. Många av bestämmelserna i direktivet är mycket allmänna och
svåra att förutsäga hur de kommer att tolkas. Som helhet förväntar jag mig dock fortfarande att direktivet ger ett mer skydd för konsumenten. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/8965762
- author
- Nilsson, Amanda LU
- supervisor
-
- Julian Nowag LU
- organization
- course
- JURM02 20182
- year
- 2018
- type
- H3 - Professional qualifications (4 Years - )
- subject
- keywords
- banking law, EU law
- language
- English
- id
- 8965762
- date added to LUP
- 2019-04-03 13:12:42
- date last changed
- 2019-04-03 13:12:42
@misc{8965762,
abstract = {{During the last years, technical solutions on the financial market has increased, especially with the developments of apps. The more classic banking is now co-excising with new solutions that help consumers with their financial services, many from so-called FinTech companies. In regard of payment services, a new directive called PSD2 has recently been implemented within the EU. This directive has, as one of its many goals, to strengthen the consumers role on the market. The aim of this thesis is therefore to examine if, and how, consumers protection has increased with the PSD2 compared to first payment service directive, either through directly or indirectly.
What constitutes a payment service is defined in Annex 1 of the PSD2 and include two new types of services form the first Payment Service Directive. The Directive also introduces new types of providers of these payment services.
While the Directive do contain some provisions with direct changes in order to protect the consumer, such as forbidding surcharges, the biggest changes for the consumer will be from effects from other changes. One of the biggest changes is a requirement for credit institutions to open up access to their payment systems and to their customers’ accounts for other payment service providers. Other major changes include a wider scope of the Directive, introducing strong customer authentication and changes rules about liability for the providers and the consumers.
Overall, the Directive is expected to change the entire payment industry. It is expected to give economic advantages, as well as protecting the integrity of the consumer. Some of the areas that I personally expect will have some real effect is the widening of the scope and the strong consumer authentication provisions.
However, there are also many uncertainties about the Directive and its effectiveness. Many of the provisions in the Directive are very general and hard to predict how they will end up being interpreted. As a whole, I still expect that the Directive will provide some more protection for the consumer.}},
author = {{Nilsson, Amanda}},
language = {{eng}},
note = {{Student Paper}},
title = {{An increase in safety for payment services? - The effects of the PSD2 on the consumer}},
year = {{2018}},
}