Tag: cross-border payments

Online cross-border shopping is still too burdensome for both consumers and traders, an EU report found yesterday (22 October).

The internal European market offers companies access to a market of 500 million people, yet a strikingly low number of small and medium-sized enterprises are making best use of the opportunities available.

MasterCard is provisionally repealing the cross-border interchange fees it charges on all transactions made in Europe with credit or debit cards in a bid to comply with a Commission deadline of 21 June. But it will continue to look for a fee scheme that complies with EU rules.

By the end of 2008, direct automatic debit payments such as mortgage instalments should cost the same across the EU, regardless of whether they are carried out within a member state or involve a cross-border transaction inside the European Union.

The European Commission has launched an EU-wide crackdown on cross-border scams such as phoney lotteries and bogus holiday clubs and on companies abusing consumer-protection rules.

The vast majority of MEPs in the Economic and Monetary Committee (ECON) voted in favour of the amendments on the payment services directive proposal, by rapporteur Jean-Paul Gauzès. However, consumer association BEUC criticised the changes for being too much in favour of financial service providers.

The Commission has unveiled new proposals to sweep away the obstacles to making payments across borders.

The Commission has launched a consultation on completing the 'Single Payment Area' by making cross-border payments cheaper, easier and more secure.