De la PSD2 la PSD3: transformări în reglementarea serviciilor de plată prin prisma analizei economice a dreptului
From PSD2 to PSD3: Shifts in Payment Services Regulation Through the Lens of Law and Economics

Summary/Abstract: The study analyzes the new European regulatory framework for payment services (PSD3) using the tools of economic analysis of law. Starting from previous legislative developments, from Directive 2007/64/EC (PSD) and PSD2 to the current proposal for a Regulation, the study highlights the essential changes regarding the liability of payment service providers, particularly in the context of identity fraud (spoofing and phishing). We argue that the new strict liability regime proposed by PSD3 risks upsetting the contractual relationship between banks and users, disproportionately transferring losses to providers and reducing customers’ incentives to take precautionary measures. Applying the bilateral accident model developed by Steven Shavell, the study shows that such a regulatory solution creates moral hazard, turning banks into de facto insurers of fraud risks and generating additional market costs through cross-subsidies and potential economic distortions. The conclusion highlights the need for a balanced calibration of liability rules to protect consumers without sacrificing the efficiency and stability of the payment services market.

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