Moving People

News

/ News / Article

  • EURACTIV

EU eyes single space for European bank cards


The European Commission will present this autumn a strategy on an integrated EU payments market, to facilitate the use of national payment services across Europe and reduce the dependency from international card operators such as Visa or Mastercard.

The Single Euro Payments Area (SEPA) provides for uniform credit transfers and direct debits for over 500 citizens in the EU.

However, a SEPA for cards is still far from a reality, as national card schemes and banks still don’t see the business case of overcoming connectivity and interoperability barriers and setting common standards.

The fast-changing realm of instant payments, disrupted by new technology companies, however, may offer an opportunity to achieve a single space for European cards sooner, said the ECB, which ultimately would benefit cardholders and merchants.

Against this backdrop, in the autumn the Commission is expected to present in autumn a strategy aimed at creating an “innovative, integrated and competitive retail payments sector in Europe, to compete with global companies,” an EU official told EURACTIV.com on condition of anonymity.

The EU executive will also table a new Digital Finance Strategy, according to the Commission’s work programme.

In order to pave the way for the legislation, a public consultation on payments will soon be launched, the Commission said.

The EU official explained that, due to the fragmentation among national card schemes, even the strongest European operators offer services that only work within individual member states.

As a result, “they have to team up with larger international operators that are not European if they want to offer pan-European payments,” the official added.


construction-image1.jpg

Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent
WEST AFRICA'S NO.1 ECONOMIC AGENTS

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

+234 -(0)- 929 207 02

+234 (0) 704 497 6500

info@oakmarkglobalvision.com

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

info@oakmarkglobalvision.com

 Oakmark Global Vision Limited