How annoying is it when you whip out your debit card at the till and you're informed that there's an additional charge on your payment?
Thankfully, scenarios like this will become a distant memory for Irish consumers as a new European Union directive is banning surcharges for consumer debit and credit card payments which will apply to online and in-store shopping.
The new rules which came into effect on January 13 were brought about to reflect advances in technology.
Compliance also comes into play as well - the revised Payment Services Directive (PSD2) introduces strict security requirements for electronic payments and to protect consumers' financial data.
Advertisement
European Commission vice-president Valdis Dombrovskis fully supports the new rules:
This legislation is another step towards a digital single market in the EU. It will promote the development of innovative online and mobile payments, which will benefit the economy and growth.
With PSD2 becoming applicable, we are banning surcharges for consumer debit and credit card payments. This could save more than €550 million per year for EU consumers. Consumers will also be better protected when they make payments.
