The New Regulatory Framework for Payment Services

The Payment Services Directive (PSD) and the Electronic Money Directive 2(EMD2) have made significant changes in the payment services market: the introductionof new non-bank payment services providers, Payment Institutions (PI), theElectronic Money Institutions (EMI) and public administrations (PPAA), which isaccompanied by the introduction of their right to use contracts for management ofpayment services, payment accounts and give credit to payment account costumers.These changes appear to be significant for the possible implications associated withpayment dematerialisation, even more so in the public administration field, for whichdigitisation is a goal and a need in coming years.