EPIF is delighted to share with you the joint statement co-signed with other industry representatives to highlight a common concern with the treatment of merchant initiated transactions (MITs) within the proposal for a payments services regulation (PSR).

The new proposal extends the unconditional refund rights under Article 62(1) that exists for direct debits to all other MIT transactions. This implies that payers would be able to request a “no questions asked” refund from payment service providers (PSPs) within eight weeks of any MIT.

We would encourage co-legislators to consider removing this obligation for unconditional refund rights for MITs, with the exception of direct debits.

You can find below our joint industry letter which explains this issue in more detail.