Position paper on Payment Services legislative proposals
The EU’s payment services legislation has been an important driver of change in how travel technology businesses handle payment transactions. eu travel tech broadly views the revised Payment Services Directive (PSD2) as a piece of legislation that has enabled the development of innovative payment services, increasing competition in the relevant markets and making payments more efficient, swift and secure for consumers. At the same time, there have been implementation challenges and uncertainties, which makes the new proposal on the Payment Services Regulation (PSR) and Payment Services Directive (PSD3) all the more relevant.
eu travel tech broadly supports the decision to transfer relevant elements of the revised Payment Services Directive into the newly proposed Payment Services Regulation. The adoption of a Regulation will serve the interest of ensuring a uniform application of rules across the EU, thereby avoiding competitive distortions due to varying transpositions into national law and diverging enforcement practices across Member States.
We call on EU policymakers to adopt a revised framework which is fit for purpose and closely considers the relevant specificities of the travel sector, in its low-fraud and complex nature.
Our full position paper is available below.