A senior executive at American Express has said “collateral damage” caused by EU-wide payment reforms has forced the card network to cut ties with dozens of bank partners.
One of the objectives of the revised Payment Services Directive (PSD2), which was introduced in 2018, was to boost competition in a sector long dominated by traditional banks and major card schemes.
But according to Brett Loper, executive vice president for government affairs at American Express, certain provisions in the directive had a knock-on effect on firms with a smaller market share.
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