Commission sets about removing barriers to cross-border payments

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

In a new consultation launched via a communication on 2 December, the Commission aims to complete a real 'Single European Payment Area' by making cross-border payments by credit card, payment card, electronic bank transfer, direct debit and other means easier, cheaper and more secure. The consultation focuses in particular on new payment techniques such as electronic payments and payments by mobile phone, and tackles key areas such as cross-border direct debits.

The Commission's consultation paper also invites comments on whether or not new EU legislation is necessary by 31 January 2004.

While the EU regulation on cross-border payments in euro has already brought down the cost of card payments, cash withdrawals and bank transfers in euro, bank customers and businesses are still facing all kinds of problems with cross-border payments.

 

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