New payment services lack security standards, officials warn / EU Commission delays Single Euro Payments Area by 6 months

Proposed rule changes designed to introduce more competition in the credit and debit card markets lack standards to protect consumers from fraud and data security breaches, officials told the European Parliament on 7 January 2014.

On 9 January 2014, Deutsche Welle reported that the EU Commission had extended the deadline for the introduction of a faster and cheaper intra-bank payments system called SEPA. The delay by six months was caused by slow adoption in member countries.

ESO: Background information: New rules on Payment Services for the benefit of consumers and retailers http://www.europeansources.info/record/press-release-new-rules-on-payment-services-for-the-benefit-of-consumers-and-retailers/

ESO: Background information: Commission to go ahead with cap on card fees http://www.europeansources.info/record/commission-to-go-ahead-with-cap-on-card-fees/

Deutsche Welle, 09.01.14: EU Commission delays Single Euro Payments Area by 6 months http://dw.de/p/1AnwJ

---