The European Commission has approved a proposal to accelerate the introduction of instant euro payments. The technology already exists and people in Europe should soon be able to send and receive money, enforcement agencies said, announcing their 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, increasing convenience for consumers and saving costs for businesses, with the maximum amount locked in transit for consumption or investment every day. It claimed to release €200 billion ($199 billion).
Commenting on the initiative, Valdis Dombrovskis Executive Vice President for an Economy that Works for People emphasized that instant payments will help Europe stay competitive and capitalize on innovation in the digital age. But his one-tenth direct debit in euros is still being treated as a “slow” transfer, said Mairead McGuinness, commissioner of the Financial Services, Financial Stability and Capital Markets Alliance.
McGuinness compared the next-day transfer-to-transfer seconds transition with the mail-to-email transition. She is confident that since 2017, with the necessary technology in place, there is no reason why European citizens and businesses cannot send and receive money soon. 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 indicated Wide acceptance, ease of use, low cost and fast transactions will be key features of the digital euro.
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