Meaning and the possible classifications of the payment instruments under PSD2

To research one the payment services under PSD2 - issuing of payment instruments. Indicate the meaning of respective payment services and the possible classification of the payment instruments. The classification of components of the payment instrument helps wider to define payment instrument. The used research methods are analytical, comparative and historical method. The PSD2 defines “payment instruments” however, the definitions do not provide a classification of payment instruments. The classification of the payment instruments would provide a wider understanding of the payment instrument and its relations to other payment services. Different components of the payment instruments may change the duties of the payment service provider therefore, it is important to have a classification of the payment instruments. The ideal classification do not exist. Different authors have provided different types of general-purpose classification of the payment instruments but each of the classifications faces some drawbacks. Moreover, the PSD2 sets that the definition of payment services should be technologically neutral and should allow for the development of new types of payment services, therefore, the classification of the payment instruments are affected also by the new technologies used to provide payment service – issuing payment instrument.