The Commission published a legislative package including a new Payment Services Directive (“PSD2”) and a proposal for Regulation on Multilateral Interchange Fees (“MIFs”) for card-based payment transactions. The revised PSD2 brings a number of new important elements and improvements to the EU payment market. It facilitates and renders more secure the use of low cost internet payment services by including within its scope new so-called payment initiation services which are services that operate between the merchant and the purchaser’s bank, allowing for cheap and efficient electronic payments without the use of a credit card. Further, the Directive aims at better protecting the consumers against fraud, possible abuses and payment incidents as well as increases the consumers’ rights when sending transfers and money remittance outside Europe or paying in non-EU currencies. The PSD2 will also promote the emergence of new players and the innovation of mobile and internet payments. The Regulation on MIFs will introduce caps on interchange fees for transactions based on consumer debit and credit cards and ban surcharges on these types of cards in the EU. The caps are set at 0.2 % of the value of the transaction for debit cards and 0.3 % for credit cards. The caps will not apply to commercial cards such as American Express and Diners and retailers will be able to surcharge for them or refuse to accept them. The caps on interchange fees will remove an important barrier between national payment markets and put an end to the high level of MIFs, which the Commission has previously found to infringe Article 101 of the TFEU. Source:Commission Press Release 24/07/2013