The EC says the proposals reflect the changes seen in the payment services market in recent years. It claims electronic payments in the EU have been on the rise and were greatly accelerated by the Covid-19 pandemic.
With new providers entering the market, including the rise of open banking services, the EC says sophisticated kinds of fraud have also emerged.
“In response to these developments, today’s package seeks to ensure the EU’s financial sector is fit for purpose and capable of adapting to the ongoing digital transformation, and the risks and opportunities it presents – in particular for consumers,” the EC says in a statement.
