Retail Payments: Commission roundtable discusses instant payments
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The European Commission is today hosting a roundtable as part of its ongoing efforts to support the development and availability of cross-border instant payments for European consumers and businesses.As a global payment currency, the Commission also seeks further progress in making the use of the euro more prominent in global payments, as part of its ongoing work on the strengthening of the international role of the euro. The event in Brussels is being organised together with the European Central Bank and is an opportunity for interested parties, including banks, instant payment solutions, settlement infrastructures, retailers and consumer groups, to share their experiences. The aim is to identify ways to overcome existing obstacles to interoperabilityand to ensurecross-border reach of instant payments, which are currently often offered within a country, not across the EU. The ultimate objective of the Commission is to have pan-European instant payment solutions, such as paying for goods with a mobile device or allowing money to move from any account to any account, anywhere in Europe in real time and 24/7. These new payment opportunities must be kept safe, efficient and as easy to use as cash or cards. “Europe now has a unique opportunity to design a truly European payment solution. I fully support the instant payment initiatives already launched in many Member States. We now need to make sure that we quickly develop a truly European market for payment so that it brings maximum benefits to Europeanconsumers, retailers and service providers, and empowers European companies to compete on global markets” said the EU Commission’s Vice-President in charge of financial services, Valdis Dombrovskis. In its Communication on the international role of the euro of December 2018, the Commission identified instant payments as a way to reduce risks and vulnerabilities in European retail payment systems and increase the EU’s efficiency and autonomy.
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