Shearman & Sterling LLP | FinReg | European Commission Consults on Retail Payments Strategy for the EU
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  • European Commission Consults on Retail Payments Strategy for the EU

    The European Commission has launched a consultation on a retail payments strategy for the EU. The Commission's final strategy will be published in Q3 2020 alongside the new digital finance strategy, on which the Commission launched a consultation on the same day. The consultation closes on June 26, 2020.

    The Commission states that the RPS will be a key to reinforcing the international role of the euro, strengthening Europe's influence and enhancing its economic autonomy. In addition, the Commission notes that safe and efficient payment systems and services will assist the EU in tackling emergencies, such as the coronavirus outbreak.

    The Commission's consultation focuses on four core policy objectives:
    1. Fast, convenient, safe, affordable and transparent payment instruments, with pan-EU reach and "same as domestic" customer experience.
    2. An innovative and competitive EU retail payments market. The Commission is seeking views on the implementation of the revised Payment Services Directive, market developments, experience with open banking, the adequacy of the revised Electronic Money Directive in the light of recent market developments and upcoming developments in the retail payments area, including consideration of crypto assets and stablecoins.
    3. Access to safe, efficient and interoperable retail payments systems and other support infrastructures. The Commission is inviting views on issues such as interoperability of EU payment systems, ensuring a level playing field between bank and non-bank service providers and the licensing regimes for payment systems operators.
    4. Improved cross-border payments to advance the international role of the euro. The Commission is requesting views on the extent to which it should take action in this area, taking into account the steps taken by industry.

    View the consultation paper on a retail payments strategy for the EU.

    View details of the consultation on a new digital finance strategy / FinTech action plan for Europe.

    View details of the Commission's consultation on an EU framework for markets in crypto-assets.

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