The regulation of payment services and electronic money and of payment entities and electronic money entities has been approved

The Government has approved the Regulation on the legal regime of payment services and electronic money and payment institutions and electronic money entities that will come into force the day after being published in the Official Gazette of the Principality of Andorra.

The Minister of Finance, Jordi Cinca, explained that the text develops the Law on Electronic Payment Services, approved by the General Council last May, which was modified in October, including some regulatory adjustments.

The Regulation approved today repeals the previous one, updating it to the European Directive PSD2, regulating aspects that facilitate and improve the security in the use of payment systems through the Internet and reinforcing the level of protection of the user against potential fraud and abuse. In addition, it wants to promote innovation in payment services through mobile and internet so that an environment favorable to the streamlining of payment operations is created.

The Minister of Finance affirmed that the regulatory development culminates the transposition of the different European directives related to payment services and electronic money, provided for in the Monetary Agreement, as well as the legislative framework necessary for Andorra to belong to the Single European Payment Area (SEPA).

Source: The Government of Andorra´s Department of Communication