The European Commission has approved a proposal to accelerate the introduction of instant euro payments. The technology exists and people in Europe should be able to send and receive money soon, the enforcement agency said, announcing its intention to push the industry for wider adoption.
EU moves to make instant payments widely available across Europe
The European Commission has introduced a bill to provide all citizens and businesses with access to instant payments in Europe’s single currency. Payments must be safe and affordable for anyone with a bank account in the European Union and the European Economic Area, officials argued in Wednesday’s announcement.
The Brussels administration says instant payments are much faster than traditional money transfers, offer greater convenience for consumers, save costs for businesses, and allow up to 100,000 coins locked in transit each day for consumption or investment. It claimed to release €200 billion ($199 billion).
Commenting on the initiative, Valdis Dombrovskis Executive Vice President for a Economy that Works for People emphasized that instant payments will help Europe stay competitive and take advantage of innovation in the digital age. But Mairead McGuinness, commissioner of the Financial Services, Financial Stability and Capital Markets Alliance, points out that a tenth of her bank transfers in euros are still being treated as “slow” transfers. .
McGuinness compared the next-day transfer-to-transfer seconds transition with the mail-to-email transition. She believes there’s no reason why European citizens and businesses can’t send and receive money soon, since the necessary technology was introduced in her 2017. It could take her another 10 years for immediate payments to become the norm, so the sector is headed in this direction,” the commissioner said at a press conference.
Under the proposal to amend the rules for the Single Euro Payments Area (SEPA), payment service providers offering credit transfers must also support instant payments and maintain fees that do not exceed those charged for traditional euro transfers. and check if the client doesn’t match. Licensed by the EU.
The European Commission expects this change to increase competition in the payments market. They are being proposed as the Eurozone Monetary Authority is working on a project to issue a digital version of a common European currency. In July, a senior European Central Bank official shown Wide acceptance, ease of use, low cost and fast transactions will be key features of the digital euro.
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