Payment Services Directive II (PSD2) | Insights | HSBC
Introduction Adopted in 2007 and implemented in 2009, the Payment Services Directive (PSD1) aimed to create a single market for payments in the European Union, as well as provide a foundation for the Single Euro Payments Area (SEPA). Its main objective was to make cross-border payments as easy, inexpensive and secure as domestic payments. However, as the digital economy developed, new services began to appear – services that lay outside of the scope of PSD1.
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