Document Type

Book Chapter

Publication Date


Source Publication

Gabriella Gimigliano & Marta BožinaBeroš, eds, THE PAYMENT SERVICE DIRECTIVE II: A COMMENTARY (Cheltenham, UK Northampton, MA, USA: Edward Elgar, 2021) 5-30.


Payment services; Payment service provider (PSP); Payment transactions; Payment instruments; Payment initiation and account information services


The PSD2 regulates ‘payment services’ provided within the European Union by ‘payment service providers’ (PSPs). PSPs are identified in art 1(1). ‘Payment services’ are set out in Annex I, to which art 4(3) directs.

Title I, consisting of arts 1 to 4, provides for the subject matter, scope and definitions of the PSD2. In addition to identifying the payment institutions to which the PSD2 applies, art 1 states that the Directive establishes PSPs’ disclosure and contractual framework requirements. Art 2 both provides for and finetunes coverage by addressing currencies and exemptions. Art 3 provides for exclusions. Art 4 sets out definitions of terms applicable throughout the Directive.

The chapter will critically deal with the interpretation of these provisions, as well as analyse their rationale and origins. It will draw a comparison with the 2007 PSD and similar enactments in other jurisdictions. It will address inconsistencies and synergies within the general EU-based framework and analyse Court of Justice case law and professional literature, if any.