| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 550 final (24.7.13) |
| Publication Date | 24/07/2013 |
| Content Type | Policy-making |
|
The regulatory and legislative framework for retail payments in the EU has been developed over the past 12 years, with the advent of the Euro acting as an accelerating factor. Regulation 2560/2001 on the equivalence of charges for national and cross-border payments in Euros prompted further initiatives on the completion of an Internal Market in payments. Secure, efficient, competitive and innovative electronic payments are crucial for the internal market in all products and services, and this has an increasing impact as the world moves beyond bricks-and-mortar trade towards e-commerce. In this context the achievement of an effectively functioning internal market in the area of payment cards has been hindered by the widespread application of certain restrictive business rules and practices. Such rules and practices also lead to a lack of information on costs and pricing of transactions to consumers and retailers that results in sub-optimal market outcomes including inefficient prices. At present, no legislation regulating interchange fees is in place in the EU, except indirectly in the case of Denmark for MSCs for face-to-face transactions. However, many national competition authorities have on-going competition law enforcement proceedings, including in the UK, Germany and Italy. Also, a number of Member States are in the process of adopting legislation, including in Poland, Hungary, the UK and Italy. The aim of the present proposal is to help to develop an EU-wide market for payments, which will enable consumers, retailers and other undertakings to enjoy the full benefits of the EU internal market including e-commerce, in line with Europe 2020 and the Digital Agenda. To achieve this, and to promote EU wide services, efficiency and innovation in the field of card payment instruments, and card based payment transactions in an offline, online and mobile environment, there should be legal clarity and a level playing field. In addition, business rules and other conditions should be prohibited if they prevent consumers and retailers from having accurate information on fees paid in relation to payment transactions and thereby hinder the creation of a fully effective internal market. |
|
| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:550:FIN |
| Related Links |
|
| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
