European Union banks share a vision of the development of the payment market

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Banking organizations have expressed their forecasts for the next five years

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How Europe’s payment market should evolve – a view of banks. Photo: kredit-2014.ru

The crisis caused by the coronavirus epidemic has highlighted the importance of well-functioning payment services. This opinion was given by the European Banking Federation (EBF), the European Union Cooperative Banks (EACB) and the European Savings and Retail Banking Group (ESBG).

Organizations have spent the last five months creating forecasts for the EU payments market, taking into account changes in customer needs, regulatory action, technology and innovation, and increased competition.

In the prepared general document “Payment Policy for Europe: Directions for the Next Five Years” The main priority is the development of accelerated payments throughout the European Union. In particular, the importance of Reduction in market dominance of non-European payment systems. As stated in the report, dependence on such players creates economic, political and operational risks that can harm the European economy. Amid threats, banks also called Bigtech companies are growing global interest For the payments industry.

Recall that in 2019, around 20 European banks started developing a pan-European payment system, which should replace the US payment systems Visa and MasterCard. The development is called PEPSI (Pan-European Payment System Initiative). However, its creators now acknowledge that efforts to introduce a payment system require significant investment. Given this, banks are asking politicians for “specific support” to achieve their goals, including leveling the playing field between banks and their BigTech competitors. This can result in equal access to NFC and biometric readers provided by Google and Apple, and a mutually beneficial data exchange approach among others.

Representatives of European banks also noted that it was time to take full advantage of PSD2, as “open payments” means a further expansion of data exchange, including outside the financial services industry. He emphasized the importance of digitalisation and balance of affordability, as well as an integrated approach to digital currencies. The document stresses that payments are important to the sovereignty of the European Union.

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We previously wrote that the World Health Organization strongly recommends switching to contactless payments to avoid contact with banknotes and to prevent the spread of coronavirus COVID-19.

The recommendation was made public after China and Korea separated banknotes used for cash flow disinfection, as banknotes are carriers of viruses and bacteria.

Read: Quarantine financial tips

According to the material finextra.com


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