New Payment Stakeholders Overview
In order to remove obstacles to an efficient European payment services market that ensures the same rules across the EU and across a wide range of payment services, the European Union adopted in the late 2000s two fundamental directives, Directive/2009/110/EC on electronic money (EMD2, which replaces Directive 2000/4) "EMD1") and Directive 2007/64/EC on payment services (PSD1).
The effect of these two directives was, in particular, to allow for two new types of market players to provide payment services alongside credit institutions: electronic money institutions and payment institutions.
These two texts have thus paved the way for an increased level of competition in the payments market, accompanying the rapid growth of electronic commerce and the digitalisation of services. The legal framework for payment services was then complemented by Directive (EU) 2015/2366 (PSD2) to take better account of technical innovations and risks associated with these activities, by strengthening payment security in the era of electronic payment, and by providing the framework for two new payment services related to "open banking".
The purpose of this study is to provide an overview of these non-bank players in France in the payments market.
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Mise à jour le 13 Janvier 2025