Impact of PSD2 on The Payment Services Market – General Objectives and Evidence from Polish and UK Legal Systems

Payment Service Directive 2 came into force on 13th January 2018. It has replaced the prior directive and introduces new tools allowing to provide more advanced payment services. New legislation aims to increase competition and allow new entrants into the market. The thesis leads through the different aspects of the Directive, emphasizing an influence the legislation has on the companies providing modern solutions in the payment services market. The legal changes are analysed and assessed following the differences resulting from Payment Service Directive 2. For better understanding the impact of Directive, recent technological accomplishments are briefly described and explained. The overall results of the analysis are concluded on the basis of British and Polish payment services markets. The outcome reveals a contrast between these two countries in a number of new payment services providers as well as they origins. Research shows that the Polish payment services market is less accessible for non-bank financial companies.