Retail payment systems organised various meetings and collaborated intensively with banks , payment systems operators and the European Credit Sector Associations to help the industry fulfil the objectives set out in the 1999 report by 2002 .

service provider .

There are about 115,000 people who are retailing telephone services in their neighborhoods.

Retail payment services , investment and insurance services remain highly fragmented .

In the case of electronically initiated transactions , the payment service provider shall inform the payment service user of acceptance of the order for execution .

In the case of electronically initiated payment transactions , the payment service provider shall inform the payment service user of acceptance of the order for execution .

the amount of the payment transaction and of any commission fees and charges applied to the payment transaction that the payer had to pay to his payment service provider

It is appropriate to define that point in time as the point of acceptance by the payment service provider and to provide that it should be communicated explicitly or implicitly to the payment service user .

Member States shall require that the payment service provider is to communicate to the payment service user on paper or on another durable medium available and accessible to him the conditions in accordance with Article 26 . The payment service provider shall do so in good time before the payment service user is bound by any payment service contract covering a single payment transaction or the offer .

The payment service provider shall make all further information required under Articles 29 to 33 and applicable to the payment service provided available to the payment service user in an easily accessible manner .

Central banks provision of retail payment services in euro to credit institutions

Provision should therefore be made for fees to be levied directly on the payer and the payee by their respective payment service providers .

For the moment, this law applies only to those who intend to work in services, housing and utility services, household services, and retail.

3.6 Short term statistics for retail trade and other services The second group of required monthly and quarterly short term indicators refers to the retail trade sector as well as to other service sectors . They are also included in the Regulation concerning short term statistics .

Subsequent to the execution of a payment transaction , the payment service provider shall provide the payer with at least the following information ( a ) ( b ) ( c ) a reference enabling the payment service user to identify each payment transaction and , where appropriate , the information relating to the payee

it is the cheapest instrument for small retail payments the average overall cost per transaction is lower for cash than for comparable electronic payment instruments

Funds received from payment service users and specifically accepted in connection with a payment service shall not be used by payment institutions to support other business activities other than payment services .

provided by credit institutions .

Money remittance services where the cash , scriptural money or electronic money is accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

Processing of the payment Value added services offered after payment

In addition , the alignment of ELMIs with payment institutions is complicated by the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounts .

Funds received from payment service users and specifically accepted in connection with a payment service shall be earmarked to the specific transaction in respect of which they are provided to the payment institution and may not be used by payment institutions to support other business activities than the payment services requested by the payment service user .

Consent shall consist in an explicit authorisation for the Consent shall consist in giving an explicit authorisation for payment service provider to effect a payment transaction the payment service provider to effect a specified or a series of transactions . payment transaction or a specified series of transactions .

( ii ) Money remittance services where banknotes and coins , scriptural money or electronic money are accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

( 7 ) Money remittance services where the cash , scriptural money or electronic money is accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

( b ) it can be fully automated by payment service providers .

In addition , the payment service provider shall be strictly liable for any charges , and for any interest charged to the payment service user as a consequence of the non execution or defective execution of the payment transaction .

Improving cross border retail payment services in euro An important part of the exchange of views between the European Parliament and the President was devoted to the question of how to improve retail payment services in euro .

However , payment service providers may decide to grant more favourable terms to payment service users .

Issuing of payment cards which allow the payment service user to transfer funds .

In cases where all the conditions set out in the payment service contract in accordance with Article 31 are met , the payer 's payment service provider shall not refuse to execute a payment order which has been initiated through a payment service provider other than the holder of the payer 's payment account and which is covered by the authorisation given by the payer .

cash refunds provided by the payee to the payer after a payment transaction following an explicit request by the payment service user made just before the execution of a payment transaction through a payment card and completely independent of the cost of the good or services purchased

In view of all those considerations , it is entirely appropriate to impose strict liability on the payment service provider in respect of the execution of a payment transaction accepted from the user .

Wholesale and retail trade

For the purposes of rebutting the presumption referred to in paragraph 2 , the use of a payment verification instrument recorded by the payment service provider shall not , of itself , be sufficient to establish either that the payment was authorised by the payment service user or that the payment service user acted fraudulently or with gross negligence with regard to his obligations under Article 46 .

Article 68 Transfers to third countries In cases where the payment service provider of the payee is not located in a Member State , the payment service provider of the payer shall be liable for the execution of the payment transactions only until the funds reach the payee 's payment service provider .

It is essential for the payment service user to know the real costs and charges of payment services in order to make an appropriate choice .

However , the payment service provider shall make a bona fide effort to recover the funds involved in the payment transaction .

Value added services offered before payment

What is the PSD ?

TITLE IV Rights and obligations in relation to the provision and use of payment services Chapter 1 Authorisation of payment transactions Article 41 Consent Member States shall ensure that a payment transaction is considered to be authorised only if the payer has consented to the respective payment order addressed to the payment service provider .

( 5 ) Issuing of payment cards which allow the payment service user to transfer funds .

If the payment service user claims that a payment order has not been accurately executed , the payment service provider shall show , without prejudice to factual elements produced by the payment service user , that the payment order was accurately recorded , executed and entered in the accounts .

Member States shall require that in good time before the payment service user is bound by any framework contract or the offer , the payment service provider is to communicate to the payment service user on paper or on another durable medium , available and accessible to the payment service user , the conditions in accordance with Article 31 .

A payment service provider shall , where applicable , communicate to the payment service user the latter 's International Bank Account Number ( IBAN ) and his Bank Identifier Code ( BIC ) .