On 3 April, the European Commission opened a consultation on a retail payments strategy for the EU which ends on 26 June 2020. The consultation is open for all citizens and organisations that wish to contribute.
In accordance with its Work Programme for 2020, the Commission aims to adopt a Strategy on an integrated EU Payments Market (“Retail Payments Strategy for the EU”). It will be submitted alongside the Digital Finance Strategy, which will be adopted to promote digital finance in Europe while adequately regulating the risks, and in light of the mission letter of Executive Vice-President Dombrovskis.
The Commission believes that Europe needs a strategic vision to ensure that consumers and companies fully reap the benefits of an integrated market, offering secure, fast, convenient, accessible and affordable payment services. It sees this consultation as a key step towards the adoption of a retail payments strategy for Europe which is due to be published in Q3 of 2020.
The aim of the Retail Payments Strategy for the EU will be to both strengthen Europe’s influence and consolidate its economic autonomy. In addition, the Commission believes that safe and efficient payment systems and services can also make a strong contribution to improving the EU’s ability to deal with emergencies such as the Covid-19 outbreak.
The consultation is focused around four key objectives:
- Fast, convenient, safe, affordable and transparent payment instruments, with pan-European reach and “same as domestic” customer experience;
- An innovative, competitive, and contestable European retail payments market;
- Access to safe, efficient and interoperable retail payments systems and other support infrastructures;
- Improved cross-border payments, including remittances, facilitating the international role of the euro.
You can contribute to the consultation here.
Ecommerce Europe welcomes the ambition of the consultation and looks forward to contributing to the consultation.
For more information on Ecommerce Europe’s work on payments, contact Juliette Beaulaton (email@example.com)