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Payments Services Directive

On 1 November 2009 the EU Payment Services Directive (PSD1) was implemented with the aim to create a single market for payments in the European Union – making cross-border payments as easy, inexpensive and secure as domestic payments.

As the digital economy developed, new services that lay outside of the scope of PSD1 began to appear. To address this Payment Services Directive II (PSD2) is being introduced on 13th January 2018.

HSBC Bank Malta p.l.c. worked closely with local regulators to be ready for this new era and can tell you all you need to know, whether you're a Personal or Business customer.

What are the significant changes that PSD2 will bring?
Summary of Changes
What are the benefits of the PSD2?

The Payment Services Directive is all about clarity and consistency. Under the PSD, banks and other providers of payment services across Europe must:

  • Provide you with all the information you need when you make a payment, including clear information about rates and charges.
  • Offer a consistent level of service, such as making sure all payments are completed within a predetermined timeframe.
  • Protect customers across Europe when payments aren’t executed correctly or authorised by the customer.
What kind of payments does the PSD2 apply to?

The PSD2 applies to more or less all payments, except paper-based payment instruments like cheques and bankers’ drafts. The PSD2 applies equally to transactions effected on your current, savings and cards-related accounts.

How will PSD2 impact the type of debit cards banks can issue?

This regulation will not permit local banks to continue issuing local debit cards that are not Chip & PIN compliant and can only be used in Malta, in our case the Quikcash card.

If you have a Visa Electron debit card

If you have an active Visa Electron debit card and a Quikcash debit card linked to the same account, to be in line with the PSD2 regulation, HSBC will not renew your Quikcash debit card. Your Quikcash card will stop working on the 10th of January 2018. You can start using your Visa Electron instead of the Quikcash card with immediate effect.

If a Visa Electron debit card has not been used in the past 12 months

If our records indicate that you have not used the Visa Electron debit card recently, HSBC will be re-issuing your PIN to ensure that you can start using your Visa Electron debit card to have access to your accounts. Your Quikcash card will stop working on the 10th of January 2018. You can start using your Visa Electron instead of the Quikcash card with immediate effect, once you receive a re-advise of your PIN.

If a Quikcash debit card has not been used in the past 12 months

To be in line with the PSD2 regulation, if you have not used the Quikcash debit card over the past 12 months, your card will not be replaced upon renewal and will be stopped.

For further information about the Visa Electron debit card you can visit,

Card condition of use
If a Quikcash debit card is being used and you do not have a Visa Electron

If you have a Quikcash card which you are using on a regular basis, and do not hold a Visa Electron on the same account, you will be receiving a new Visa Electron and PIN on the same account in the coming months.



PSD 1
What is the Payment Services Directive - and what does it mean for your personal banking payments?

The Payment Services Directive (PSD) is an EU initiative to make payment service rules consistent across Europe, whether you're making a payment in Malta or to another country in the European Economic Area (EEA). The PSD comes into force on 1 November 2009, but because HSBC already meets or exceeds the standards set out in the legislation, you probably won't notice too many changes to your day-to-day banking.

What are the benefits of the PSD?

The Payment Services Directive is all about clarity and consistency. Under the PSD, banks and other providers of payment services across Europe must:

  • Provide you with all the information you need when you make a payment, including clear information about rates and charges.
  • Offer a consistent level of service, such as making sure all payments are completed within a predetermined timeframe.
  • Protect customers across Europe when payments aren't executed correctly or authorised by the customer.
What kind of payments does the PSD apply to?

The PSD applies to more or less all payments, except paper-based payment instruments like cheques and bankers' drafts. The PSD applies equally to transactions effected on your current, savings and cards-related accounts.

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Registered Address: 116, Archbishop Street, Valletta VLT 1444. Company No.:C3177

© HSBC Bank Malta p.l.c. 2018. All rights reserved.

Registered Address: 116, Archbishop Street, Valletta VLT 1444. Company No.:C3177

© HSBC Bank Malta p.l.c. 2018. All rights reserved.