The Directive of the European Parliament and of the Council on payment services in the internal market has been approved – this Directive amends Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repeals Directive 2007/64/EC.

A directive aimed at further developing an EU-wide market for electronic payments was adopted by the Council on November 16, 2015. The directive incorporates and repeals directive 2007/64/EC, which provided the legal basis for the creation of an EU-wide single market for payment services.

The revised directive adapts the rules to cater for “emerging and innovative” payment services, including internet and mobile payments. It also sets out to ensure a more secure environment for payments, in particular for those using remote channels.

Member states will have two years to transpose the directive into their national laws and regulations.

You can find the full text of the directive here: http://data.consilium.europa.eu/doc/document/PE-35-2015-INIT/en/pdf