8 pages. Banking law

‘This new law [PSD2], proposed by the European Commission in July 2013, enhances consumer protection, promotes innovation and improves the security of payment services. PSD2 is the latest in a series of laws recently adopted by the EU in order to provide for modern, efficient and cheap payment services and to enhance protection for European consumers and businesses.’
[European Commission – Press release
European Parliament adopts European Commission proposal to create safer and more innovative European payments
Brussels, 8 October 2015]
With reference to the above statement, critically evaluate how far PSD2 ‘enhances consumer protection, promotes innovation and improves the security of payment services.’ What challenges might PSD2 pose for banks?