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The first Payment Services Directive (2007/64/EC) (PSD1) came into force on 25 December 2007 and was required to be implemented by Member States by 1 November 2009. PSD1 was implemented in the UK through the Payment Services Regulations 2009, SI 2009/209 (PSRs).

PSD1 was intended to regulate payment service providers (PSPs) and harmonise the payments sector within the European Union (EU). However, advances in payment systems outstripped the regulatory capacity of PSD1 and, in July 2013, the European Commission (Commission) introduced a proposal for a second Payment Services Directive (PSD2). PSD2 (Directive 2015/2366) entered into force on 13 January 2016. Most of its provisions had to be implemented by Member States by 13 January 2018.

PSD2 incorporated and repealed PSD1.

PSD2 aimed to improve on PSD1 by, among other things:

1. •

   increasing its scope so that it no longer includes only PSPs within the EU and the European Economic Area (EEA)

2. •

   focusing on consumer protection by introducing new requirements on PSPs' communications with consumers, establishing new provisions on fees and charges