The revised Payment Services Directive ("PSD2") has been published in the Official Journal of the EU and has entered into force as of 12 January 2016. The Directive is required to be transposed by EU Member States into national law by 13 January 2018. The aim of the Directive is to make electronic payments in Europe more secure for European shoppers through, for example, imposing stricter security requirements for the initiation and processing of electronic payments and the protection of consumers' financial data. One of the aims of the Directive is to help stimulate competition in the area of electronic payments, by providing the necessary legal certainty for new companies entering the market, and certainly for companies continuing in the market. This increased competition will benefit consumers by providing them with more choice between different types of payment services and service providers.