On 28 June 2023, the European Commission published1 the eagerly awaited proposals2 for the Third Payment Services Directive (PSD3)3 and the new Payment Services Regulation (PSR)4, marking the completion of the Commission’s review of the Second Payment Services Directive (PSD2). PSD2, adopted in 2015, was aimed at enhancing competition, security, and innovation in the European payments market. The payments landscape has changed significantly since the introduction of PSD2. What did the Commission find and which revisions are proposed to address emerging challenges in the payments market?
PSD3 and PSR - KPMG Netherlands