Q&As

Does the recast Payment Services Directive prevent firms from charging a fee for accepting credit card payments?

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Published on LexisPSL on 19/01/2018

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Does the recast Payment Services Directive prevent firms from charging a fee for accepting credit card payments?

The Payment Services Regulations 2017, SI 2017/752 is the statutory tool used by HM Treasury and Parliament to transpose and implement the majority of the provisions of Directive 2015/2366/EC, the Payment Services Directive (PSD2) into UK law.

The aims of PSD2 are to:

  1. bring regulation up to date with developments in the market for payment services

  2. increase innovation and improve market access for payment service providers

  3. drive down the cost of services

  4. make payments safer and more secure

  5. improve consumer protection

PSD2 which is due to come into force on 13 January 2018 introduces a ban on retailers’ ability to charge for the use of payment instruments, ie a fee on top of the price of the goods

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