PSD2 – Future authorisation requirements for department store cards, gift vouchers, petrol cards and stadium cards? The new limited network exception
published on 26 July 2013
On 24th of July 2013 the European Commission published a proposal for a new Directive on payment services in the internal market (PSD2), repealing the previous payment services Directive from 13th of November 2007 (2007/64/EC – PSD1). Within the framework of PSD2 the Commission has closely reviewed the exception for limited networks. was considered necessary due to the increasing application of the exception to large networks with high payment volumes and a broad spectrum of goods and services extending beyond the purpose of the exception, and thus leading to large payment volumes being outside of regulation and creating a disadvantage in competition for players in regulated markets.
