The Payment Services Directive (2007/64/EU) (PSD) was introduced in 2007 to create a single European market for payment services which have an electronic component eg, credit cards and direct debits. PSD, which was implemented in Ireland by the European Communities (Payment Services) Regulations, 2009 (S.I. 2009/383), enabled new types of payment institutions to compete with banks in providing payment services in an increasingly sophisticated financial landscape. Since 2007 there have been rapid changes in online trading and the new directive, Payment Services Directive 2 (2015/2366/EU) (PSD2), is designed to regulate these changes.
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