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THE LEGAL FRAMEWORK TO CREATE AN OPEN EU SINGLE MARKET FOR PAYMENT SERVICES
This scientific study analyses the introduction and transposition of common rules for the provision of payment transactions, if they are electronic means of payment (e-money), in the Pan-European market. Our study must analyse a dual objective: The Second Payment Services Directive of the European Union and a Slovak Act about payment services regarding the provision of payment initiation services and account information services. The legal regulation introduces conditions for the provision of services by non-bank payment service providers and regulates the relationship between a payment service provider and its corporate and retail customers. Our findings show that the law of the European Union directly or indirectly influences the formation of an open market for payment services in the Member States of the European Union; this can be considered as liberalization of payment services and allows the entrance of new providers with innovative payment services. In the present study, we discuss the responsibility of the Member States of the European Union regarding the transposition of EU secondary acts into national law.
Release: 2019/2 Pages: 49-59 JEL classification: O15, D61, D60
DOI:
Keywords: legal framework, payment services, non-banking payment
Section: INTERNATIONAL ECONOMICS AND POLITICS
Contacts:
Daniela Nováčková
Comenius University Bratislava
Faculty of Management,
Department of Economics and Finance
Odbojárov 10, P.O. BOX 95
820 05 Bratislava 25
Slovakia
daniela.novackova@fm.uniba.sk
Jarmila Wefersová
Comenius University Bratislava
Faculty of Management,
Department of Economics and Finance
Odbojárov 10, P.O. BOX 95
820 05 Bratislava 25
Slovakia
jarmila.wefersova@fm.uniba.sk
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