Implementing a Proposal of the Commission of the European Communities ("the Commission"), the Directive on payment services in the internal market, often colloquially referred to as "the payment services Directive" ("Directive"), provides for "a harmonised legal framework" designed to create "a Single Payment Market where improved economies of scale and competition would help to reduce cost of the payment system." Focusing on electronic payments, the Proposal purported to "only harmonise what is necessary to overcome legal barriers to a Single Market, avoiding regulating issues which would go beyond this matter."
Benjamin Geva, Payment Transactions Under the EU Payment Services Directive: A U.S. Comparative Perspective, 27 Penn St. Int'l L. Rev. 713 (2009).