The first Payment Services Directive (PSD1) was adopted in 2007. This legislation was enacted to provide the legal basis for creating safer and more innovative payment services across the EU for a single payments market. The aim of the Directive is to make cross-border payments within EU Member States as easy, efficient and secure as 'national' payments. Since 2007, the Directive has brought significant benefits to the European economy, making it easier for new market entrants and payment institutions to gain access and thus offering consumers more competition and choice. The Directive has made payments easier and faster across the entire EU. Directive 2015/2366 of 25 November 2015 (PSD2), which repealed the first Directive, entered into force to contribute to a more integrated and efficient European payments market, improve the competitive environment for payment service providers, make payments safer and more secure, and protect consumers.
