Every Member State has diverse and unclear
laws regulating online and card payments. These cause a fragmentation of
the payments market with an estimated cost of €130 billion a year (more
than 1% of EU GDP).
A new Payment Services Directive was announced by the European
Commission in July, updating the original rules on regulating online
payments so as to standardize them for all transactions taking place
using the Internet as well as make them safer through a surveillance
system run by the relevant authorities.
The regulation on 'Interchange Fees', which are paid by banks
to each other for each card payment, will also be updated. Regulating
these overpriced taxes will benefit retailers and consumers.
EPP Group Members Diogo Feio and Pablo Zalba Bigedain will be responsible for the Parliament’s input on this draft legislation.
Diogo Feio stated: "We aim to create a system where all
consumers can feel secure in each operation performed regardless of the
choice of means of payment.”
The Portuguese MEP concluded that "Our concern was to
simplify, because the rules differ in different countries and each
citizen must understand the applicable law which, in many Member States,
is unintelligible. Much of the uncertainty in online payment
transactions derives from the fact that we need a law that is readable
and clear."
On the Interchange Fees, Pablo Zalba Bigedain added that
"Regulating the fees charged in transactions between banks will increase
transparency and consumer protection.” For the Spanish MEP
strengthening the single market and promoting innovation in the card
payment system is essential.
Pablo Zalba Bigedain concluded that: “The main goals are to
increase transparency and consumer protection, as well as creating a
level playing field for card payments in Europe. We need to ensure there
are incentives for innovation in the card payments system and the
strengthening of the single market.”
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