| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 547 final (24.7.13) |
| Publication Date | 24/07/2013 |
| Content Type | Policy-making |
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The electronic payments market in Europe offers great opportunities for innovation. Consumers have already significantly changed their payment habits in recent years. In addition to the ever growing number of credit and debit card payments, the rise of e-commerce and the increasing popularity of smart phones have paved the way for the emergence of new means of payments. The benefits of better market integration and reduced fragmentation in this field at European level are substantial. This initiative will allow consumers and merchants to benefit fully from the internal market, particularly in terms of e-commerce. The aim of the proposal is to help develop further an EU-wide market for electronic payments, which will enable consumers, retailers and other market players to enjoy the full benefits of the EU internal market, in line with Europe 2020 and the Digital Agenda. Such further integration is becoming increasingly important as the world moves beyond bricks-and-mortar trade towards a digital economy. To achieve this and promote more competition, efficiency and innovation in the field of e-payments, there should be legal clarity and a level playing field, leading to downward convergence of costs and prices for payment services users, more choice and transparency of payment services, facilitating the provision of innovative payment services, and to ensure secure and transparent payment services. These objectives will be achieved by updating and complementing the current framework on payments services; providing for rules that enhance transparency, innovation and security in the field of retail payments and improving consistency between national rules, with an emphasis on the legitimate needs of consumers. The proposed measures seek to do so in a technologically neutral manner that will remain relevant as payment services evolve further. This proposal also incorporates and repeals Directive 2007/64/EC of the European Parliament and of the Council (the so called ‘Payment Services Directive’ or ‘PSD’) which sets the basis for a harmonised legal framework for the creation of an integrated payments market, thus improving the level playing field and accessibility of the current payments framework for all stakeholders. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:547:FIN |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
