Published on Wednesday, January 25, 2012
The
paper analyses the current card, internet and mobile payments landscape
and the Commission is asking stakeholders to offer their views on
how they can achieve their aims.
The EC wants the European payments market to not only be competitive and integrated, but also innovative and up-to-date. The paper identifies what needs to change to transform the current situation into their vision of a secure, transparent and fully integrated payments market.
Such an environment would be of great benefit to consumers, merchants and providers and could lead to the creation of payment systems that are both safer and more efficient than those currently available. The EC also hopes that the Single Euro Paymens Area (SEPA) project, whose migration deadline is now set for 2014, will become a catalyst for innovation in the European payments market.
According to the EC's announcement, "The way Europeans shop and pay is radically changing". Furthermore, Michel Barnier, the EU's Internal Market and Services Commissioner, comments that "Europe has an opportunity to be at the cutting edge of what 'making a payment' could mean in the future" but is currently held back by too much "market fragmentation".
"Inefficient payments systems within the European Union unduly raise transaction costs, undermine the global competitiveness of the European economy and limit its potential for growth," adds EU Vice President Joaquín Almunia. "Europe's consumers, merchants and companies deserve payment services in tune with the 21st century: transparent, with genuine value-add and making the best use of technology."
The main issues identified in the paper concern:
The paper is available on the EU website and responses can be made until 11 April 2012. Following analysis of the consultation feedback, the Commission will announce the next steps to be taken before the summer of 2012.
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