MFB Periscope August 2017

The MFB Periscope is a monthly report published by the Hungarian Development Bank. Its aim is to analyse the most recent trends in the real economy and financial markets and to discuss also actual topics concerning the Hungarian economy and its broader economic environment.

MFB Periscope August 2017

Focus

 

 Expectable economic effects of the new comprehensive EU rules on internal market payment services

 

As the e-commerce compared to traditional channels is being increasingly popular, the demand for secure, efficient, competitive and innovative electronic payment solutions are also growing on the market of the European Union. Owing to their outdatedness rules on internal market payment services adopted in 2007 (PSD) do hamper the spreading of innovative services and the development of the internal European market, leading to considerable deadweight effects. The European Commission made an impact assessment on the problem and its consequences and worked out the PSD2 which will come into force in Hungary on 13 January 2018. The provisions of PSD2 will introduce new statutory regulations and service types for banks and bank card companies and generate new operators other than banks on the market of online payment service providers. The provision on sharing information will provide new opportunities of identifying and reaching small and medium enterprises increasingly incapable of enjoying bank financing.

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