Data Protection in Payment Services – Legal Framework and Key Particularities
Data protection in payment services operates within the complex interplay of the GDPR, PSD2 and the German ZAG. A key challenge lies in the legal classification of payment data, as transaction data may reveal highly sensitive insights into individuals’ private lives. This article analyses the principal legal bases for data processing as well as the allocation of data protection responsibilities among payment service providers, PISPs and AISPs.