The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the Payment Services Regulation (PSR), which introduces new rules for providers of payment and electronic money services.
The Computer & Communications Industry Association (CCIA Europe) expresses grave concerns about the Committee’s plan to introduce a broad extension of liability for online fraud, which would come down to responsibility being shifted from banks to online platforms.
Not only would this liability extension directly conflict with the Digital Services Act, which already mandates online platforms to fight fraud, but it is also unjustified and disproportionate. No evidence has ever been presented that creating this new liability would lead to improvements. On the contrary, it creates more confusion and is yet another example of last-minute regulatory overreach.
It is a blatant attempt by large incumbent banks to escape the responsibility they have towards their customers by shifting it to innovative players, who are already subject to strict rules and actively combat online fraud.
The CCIA regrets the overall lack of improvements to the European Commission’s initial proposal, as well as ECON’s low level of ambition on such an important legislative file.
Furthermore, online platforms would be far from the only ones affected by this PSR text. Providers of small and innovative e-money balances – used to order a ride, take out a subscription, or make in-app purchases for instance – would also be subject to excessive new rules.
CCIA Europe calls on Parliament to improve its position ahead of the plenary vote and deliver a framework that truly serves consumers and the wider digital economy.
CCIA Europe’s Senior Policy Manager, Boniface de Champris, said: “The Parliament Committee’s lack of willingness to engage with relevant stakeholders, other than some big banks, is regrettable and explains this inadequate outcome.”
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