Fabian Demicoli

New rules on Payment Services for the benefit of consumers and retailers


In order to
adapt EU payments market to the opportunities of the single market and to support
the growth of the EU economy, the European Commission recently proposed new
rules that will bring more competition to the electronic payments market,
providing consumers with more and better choices between different types of
payment services and service providers.

For
example, during the past years new actors have emerged in the area of internet
payments offering consumers the possibility to pay instantly for their internet
bookings or online shopping without the need for a credit card (around 60% of
the EU population does not possess a credit card), establishing a payment link
between the payer and the online merchant via the payer's online banking
module.

These
innovative and often less costly payment solutions are already offered in a
number of Member States (e.g. Sofort in Germany, IDeal in the Netherlands,
Trustly in Scandinavia). However, these new providers are not yet regulated at
the EU level.

Furthermore,
the new rules will contribute to the reduction of charges paid by consumers for
card payments. The card charges imposed on merchants will be capped and
merchants will no longer be allowed to surcharge consumers for using their
payment card.

Consumers
will also be better protected against fraud and other abuses and payment
incidents through improved security measures.

 

 

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