PSD1 Definition

KZero Staff
Oct 17, 2023

PSD1, short for the first “Payment Services Directive,” was introduced by the European Union in 2007. It aimed to establish a legal framework for payment services within the EU member states, but it’s important to note that the original framework was limited to intra-EU payments only.

The directive aimed to create a single market for payment services by providing a common set of rules for electronic and non-cash payments, such as credit transfers, direct debits, card payments, and more. PSD1 focused on promoting security, competition, consumer rights, and the integration of payment systems across the EU.

Key aspects of PSD1 included regulating payment institutions, ensuring transparency of transaction fees, and setting out basic security requirements. However, as the financial and technological landscapes evolved, it became clear that there was a need for more advanced and robust security measures, especially in the digital payment realm. This led to the introduction of PSD2.

KZero Staff

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