OUR NEWS

EU eyes single space for European bank cards

February 28, 2020

 

 

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.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 704 497 6500

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

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

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon