The European Commission has started work toward making pan-European instant payment solutions the new standard in the EU, as it had announced in its September 2020 strategy (see EUROPE 12567/1).
According to a roadmap published on Wednesday 10 March, an initiative in this area is expected in the first half of 2022, but the institution has not yet determined what form it will take.
“The objective is to foster pan-European market initiatives based on instant payments, which would ensure that anyone holding a payment account in the EU could be able to receive and send an instant credit transfer from and to any other payment account in the EU, as a first step in euros and eventually in any EU currency”, the document explains.
At this stage of the process, all options are being considered, both legislative and non-legislative. The basic option would be to monitor market developments and assess the effects of voluntary efforts by payment service providers.
A non-legislative option could also be to promote voluntary participation of providers in relevant standardisation processes and to conduct awareness-raising campaigns aimed at payment service users. The Commission is also considering whether to send a recommendation to Member States.
Among the possible legislative options, the Commission is considering effective incentives for payment service providers to offer instant transfers in euros, targeted consumer protection measures, and fraud prevention measures.
It also believes that action could be taken on the fees charged for instant transfers and on the choice of payment options at the point of interaction.
See the roadmap: http://bit.ly/3le70ss (Original version in French by Marion Fontana)