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The new Legal Framework for Payment Services enters into force today

Today, 13 November, the new Legal Framework for Payment Services and Electronic Money (RJSPME, the Portuguese acronym for Regime Jurídico dos Serviços de Pagamento e da Moeda Eletrónica) enters into force and it aims at promoting a more innovative, competitive and safer payments market.

This legal framework is part of Decree-Law No 91/2018 of 12 November 2018, which incorporates into the Portuguese legal system Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market (revised Payment Services Directive – PSD2).

O novo regime traz alterações à forma como os prestadores de serviços de pagamento disponibilizam os seus serviços aos clientes, mas também ao modo como particulares, empresas e Administração Pública efetuam pagamentos no seu dia-a-dia.

For instance, customers may use new payment services, such as payment initiation services and account information services, with increased security conditions by adopting strong authentication mechanisms (see S€PA.pt Newsletter No 11, March 2017 - in Portuguese only).

Thus, Decree-Law No 91/2018 is now the central component for payment services provision in Portugal.

 

About Decree-Law No 91/2018

The new RJSPME also contains topics that, although not resulting directly from the incorporation of PSD2 rules, are related to the relevant regulatory environment. Therefore, Decree-Law No 91/2018 lays down measure for implementing three European regulations concerning the execution of payment transactions within the European Union (EU):

  • Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community, and which establishes that charges for payments made to other EU Member States are the same as those charged within a Member State;
  • Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro (see S€PA.pt Newsletter No 3, January 2012 - in Portuguese only);
  • Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (see S€PA.pt Newsletter No 10, February 2016 - in Portuguese only).