Abstract
Abstract Payment Service Directive 2 came into force on 13th January 2018. It has replaced the prior directive and introduces new tools allowing to provide more advanced payment services. New legislation aims to increase competition and allow new entrants into the market. The thesis leads through the different aspects of the Directive, emphasizing an influence the legislation has on the companies providing modern solutions in the payment services market. The legal changes are analysed and assessed following the differences resulting from Payment Service Directive 2. For better understanding the impact of Directive, recent technological accomplishments are briefly described and explained. The overall results of the analysis are concluded on the basis of British and Polish payment services markets. The outcome reveals a contrast between these two countries in a number of new payment services providers as well as they origins. Research shows that the Polish payment services market is less accessible for non-bank financial companies.
Highlights
Internet and mobile payments changed the way people are paying for goods and services significantly
According to Impact of Psd2 on The Payment Services Market – General Objectives and Evidence from Polish and UK Legal Systems the ECB report, in 2017 there were already 134 billion transactions.8. The pace of these changes brought about a need for the introduction of new legislation that would support the growing demand and international money-transferring on a large scale
The Directive draft legal act was published in the Government Legislation Centre (Rządowe Centrum Legislacji) in May 2017,31 but it was adopted in the parliamentary act from 10 May 2018, which entered into force on 20 June 2018.32 Due to the directive doctrine of direct effect mentioned above, an interested party could demand a chance on taking advantage of PSD2 provisions since the termination date of an implementation date
Summary
Internet and mobile payments changed the way people are paying for goods and services significantly. by increasing their share in overall payments and by changing our habits and preferences. Impact of Psd on The Payment Services Market – General Objectives and Evidence from Polish and UK Legal Systems the ECB report, in 2017 there were already 134 billion transactions.. Impact of Psd on The Payment Services Market – General Objectives and Evidence from Polish and UK Legal Systems the ECB report, in 2017 there were already 134 billion transactions.8 The pace of these changes brought about a need for the introduction of new legislation that would support the growing demand and international money-transferring on a large scale. The article’s objective is to explore the modern area of payment services in Europe and how it has been impacted by PSD2 For this purpose, the comparative research of the Directive implementation and its consequences was carried out. The paper should contribute to legal research on the use of new technologies in payment services
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