Andorra amends the Law on Payment and Electronic Money Services to strengthen security and promote innovation

The Council of Ministers approved on Wednesday, July 12th, the draft amendment to the Law on Payment and Electronic Money Services. The aim of this text is to incorporate the European Directive 2015/2366 “PSD2” in order to strengthen anti-fraud security and to promote innovation in this field.

The Minister of Finance, Jordi Cinca, said this project consolidates the international approval of payment services and will therefore increase the attractiveness of the Principality for foreign investment. It will also allow for the full integration of payment services, which will benefit consumers, micro-businesses and other users, while creating a more dynamic, competitive and innovative environment.

The new law provides a new registration of activity for the provision of two new payment services: payment initiation services and account information services; the incorporation of new players other than the traditional ones providing payment services; and the establishment of a more protective regime for the rights of payment for service users.

Text: Govern d’Andorra