The Malta Chamber of SMEs welcomes MCESD Chairperson David Xuereb to its offices
01 February 2024
Malta Chamber of SMEs President Mr Paul Abela and Deputy President Mr Philip Fenech welcomed...
sector is greatly encouraged by the proposal for a directive on citizens'
payment accounts which was published by the Commission. "We see this as the
first step towards the universal provision of a low-cost electronic payment
system available to all EU citizens," said EuroCommerce Director-General,
urges the Commission to take the same political line in its upcoming proposals
on the revision of the Payment Services Directive (PSD) and on a regulation on
interchange fees. Strong legislative measures are needed to allow market
participants to create competitive and innovative payment models.
needs to establish a strong e-commerce and e-payments market, both domestic and
cross-border, which is easily accessible by Europe's consumers and businesses,
especially SMEs. One of the pre-requisites for this is the availability of
secure, simple and low-cost electronic payment methods, using harmonised
standards under the framework of SEPA. To achieve this, the forthcoming
legislation must tackle two issues:
The PSD must be revised to allow new providers to enter the
market and offer payment services. The competition thus created would open up
the market to innovative payment models and result in price reductions. The
retail sector also believes that a switch from card-based electronic payments
to those which use simple credit transfer models would be more secure and
would, therefore, go a long way to tackling the problems of fraud associated
with card payments over the internet.
The interchange fee: the single greatest barrier to new payment
models and to the growth of retail and e-commerce is the current interchange
fee system. We call on the Commission to issue a strong regulation to remedy
this problem. Removing the interchange barrier is a fundamental step towards
establishing a modern Europe-wide electronic payments market, which provides
real financial inclusion and makes full use of the new technologies and payment
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
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