ESBG amendment proposals Regulation on interchange fees for card-based payment transactions

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "ESBG amendment proposals Regulation on interchange fees for card-based payment transactions"

Transcription

1 ESBG amendment proposals Regulation on interchange fees for card-based payment transactions November 2013

2 Doc 1059/2013/Vers 1.0 NBI ESBG amendment proposals Regulation on interchange fees for card-based payment transactions 1- Amendment proposals to Articles Article 2, para 4 (4) 'debit card transaction' means an card payment transaction included with prepaid cards linked to a current or deposit access account to which a transaction is debited in less than or 48 hours after the transaction has been authorised/initiated. (4) 'debit card transaction' means an card payment transaction included with prepaid cards linked to a current or deposit access account to which a transaction is debited on the payment account to which the card is linked in less than or 48 hours after the transaction has been authorised/initiated. Justification: the wording of this Article needs enhancing in order to align the terminology with other European legislation (Payments Services Directive) and avoid interpretation. Article 4.3 and 4.4 Interchange fees for all consumer debit and credit card transactions 3. With effect from two years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 % of the value of the transaction for any debit card based transactions. 4. With effect from two years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,3 % of the value of the transaction for any credit card based transactions. 3. With effect from twofour years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 % of the value of the transaction for any debit card based transactions. 4. With effect from twofour years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,3 % of the value of the transaction for any credit card based transactions. 2

3 Justification: The proposed timeframe for national debit and credit card transactions to comply with the Regulation (2 years) is too short to enable payment service providers to depreciate investments in infrastructure which have just been made, or which will have to be made to comply with the Regulation. A 4 year timeframe would allow for such depreciation. New Article 5 Interchange fees for consumer debit and credit card transactions with an individual value of less than EUR 30,00 Articles 3 and 4 apply to debit and credit card transactions with an individual value higher than EUR 30,00. For other such transactions payment service providers may offer or request a different per transaction interchange fee which shall not exceed 6 eurocents. Justification: With a single interchange cap (for either debit or credit card transactions) lower value transactions (in particular debit card transactions) will be subsidized by larger value transactions. This will prevent the development in particular by new entrants of innovative products to substitute cash for low value transactions (e.g. in the 1 cent to 30 EUR segment). This would be a much undesirable consequence as replacing cash in this segment is one of the outstanding payment efficiency challenges. To mitigate this, individual debit and credit card transactions of a value up to 30 EUR (i.e. the low value payment threshold defined in the Payment Services Directive/PSD2 proposal) should be subject to a maximum flat (instead of an ad valorem) interchange fee of 6 eurocents per transaction the actual amount being set by the issuer. Of course each merchant/retailer will be informed about the fee(s) applying. New Article 6 Exceptions to Articles 3, 4 and 5 Articles 3, 4 and 5 do however not apply where either (a) payment service provider(s) and (a) retailer(s) bilaterally agree the level of interchange fee(s) to apply to their transactions, or where the level of interchange is fixed by national competent authorities on the basis of 3

4 objective criteria in the relevant market(s). Justification: The significant differences which exist between Member States in the usage of both cash and non-cash payment instruments cannot be legislated away. Equally the freedom of payment service providers and payees to agree bilaterally, for example to support the introduction of stronger security features, and/or innovation, must be preserved. New Article 7 Prohibition or circumvention For the purposes of the application of the caps referred to in Article 3 and Article 4, any net compensation received by an issuing bank from a payment card scheme in relation to payment transactions or related activities shall be treated as part of the interchange fee. For the purposes of the application of the caps referred to in Article 3, and Article 4 and Article 5, any net compensation received by an issuing bank from a payment card scheme in relation to payment transactions or related activities shall be treated as part of the interchange fee. Justification: the Article is adjusted to take into account the proposal of adding a new Article 5 as per above. Note: the numbering of the rest of the Articles would have to be reset as a consequence of the introduction of the 2 Articles proposed above. This numbering however has been left unchanged in this Position Paper. Article 7.10 Separation of payment card scheme and processing entities Payment card schemes and processing entities shall be independent in terms of legal form, organization and decision making. They shall not discriminate in any way between their subsidiaries or shareholders on the one hand and users of these schemes and other contractual partners on the other hand and shall not in particular make the provision of any service they offer conditional in any way on the acceptance by their contractual party of any service they offer. Payment card schemes and processing entities shall be independent in terms of legal form, organization and decision making. They shall not discriminate in any way between their subsidiaries or shareholders on the one hand and users of these schemes and other contractual partners on the other hand and shall not in particular make the provision of any service they offer conditional in any way on the acceptance by their contractual party of 4

5 any service they offer. Payment card schemes shall not make in any way licensing conditional on the acceptance of processing services they may offer. Justification: Whilst there is no objection to this principle that disposes that schemes and processing entities be independent in terms of legal form, organization and decision making, and that they shall not discriminate in any way between their subsidiaries or shareholders and users of these schemes and other contractual partners (a principle already transposed in 2007 by 2 consortial entities of the European savings and retail banking community, namely the Eufiserv Payments scheme and the Trionis processing company), there must concern that non-european schemes will not be compelled by these rules, thus enjoying a competitive advantage. How these rules would be enforced vis-à-vis de facto schemes and non-financial market participants is another open question. Article 7.12 Separation of payment card scheme and processing entities Any territorial discrimination in processing rules operated by payment card schemes shall be prohibited. Any territorial discrimination in processing rules operatedoffered by payment card schemes shall be prohibited. Justification: mere clarification to the effect that rules cannot be offered, in order to prevent any potential confusion with operation of a processing system. Article 7.13 Separation of payment card scheme and processing entities Processing entities within the Union shall ensure that their system is technically interoperable with other systems of processing entities within the Union through the use of standards developed by international or European standardization bodies. In addition, processing entities shall not adopt or apply business rules that restrict interoperability with other processing entities within the Union. Processing entities within the Union shall ensure that within 5 years of entry into force of this Regulation their system is technically interoperable with other systems of processing entities within the Union through the use of standards developed by either publicly or privately operated international or European standardization bodies. In addition, processing entities shall not adopt or apply business rules that restrict interoperability with other processing entities within the Union. 5

6 Justification: As much work has already been undertaken by the Cards Stakeholder Group 1, a multi-stakeholder group of private market participants, to align such standards and formulate implementation guidelines (with both the European Commission and the European Central Bank kept well appraised of the work of this Group), stakeholders are acutely aware of the time necessary to transpose new standards as well as interoperability arrangements. The Regulation must be clarified in this respect, with a realistic deadline explicitly set. Equally it should be clarified that standardisation may be performed by either publicly or privately operated bodies, provided that FRAND (fair, reasonable and non-discriminatory) rules are applied. Article 8.18 Co-badging and choice of application Where a payment device offers the choice between different brands of payment instruments, the brand applied to the payment transaction at issue shall be determined by the payer at point of sale. Where a payment device offers the choice between different brands of payment instruments, the brand applied to the payment transaction at issue shall be determined by the payer at point of sale. The payer and the issuing payment service provider shall agree the card-based payment application(s) held and/or accessible by and/or through the payment device made available by the issuing payment service provider to the payer. The issuing payment service provider may offer to the payer a default payment application for each of the payment scenarios the payer may encounter. Such default application would be the application effectively used unless the payer at point or time of sale decides to select another payment application held and/or accessible by and/or through his/her payment device Justification: The Regulation s proposal that the choice of application always be the cardholder s decision at point of sale is both unpractical (with the potential of generating check-out queues as customers fumbled to select one application) and fails to acknowledge technology developments 1 The very prototype of the «multi-stakeholder group» which is considered under the new SEPA governance. Members of the Cards Stakeholder Group (CSG) are representatives of payment service providers, merchants/ retailers/wholesellers, schemes, vendors, processors 6

7 (e.g. contactless cards, unattended terminals ). A balanced alternative has been formulated by ESBG, recognizing the prominent role of the payer in agreeing or not to hold a payment device, with full information about the payment application therein or accessible through it, including the default application which could apply. Article Honour All Cards rules Issuing payment service providers shall ensure that their payment instruments are visibly and electronically identifiable, enabling payees to identify unequivocally which brands and categories of prepaid, debit, credit or commercial cards or card-based payments based on these are chosen by the payer. Issuing payment service providers shall ensure that their payment instruments are visibly and electronically identifiable, enabling payees to identify unequivocally which brands and categories of prepaid, debit, credit or commercial cards or card-based payments based on these are chosen by the payer. Information about the payment instruments offered by issuing payment service providers shall also be displayed prominently on their website or other applicable electronic or mobile medium. Justification: the same level of transparency should apply to the issuing and the acquiring sides. Article Steering rules Any rule in licensing agreements, scheme rules applied by payment card schemes and in agreements entered into between card acquiring payment service providers and payees preventing payees from informing payers about interchange fees and merchant service charges shall be prohibited. Any rule in licensing agreements, scheme rules applied by payment card schemes and in agreements entered into between card acquiring payment service providers and payees preventing payees from informing payers about interchange fees and merchant service charges shall be prohibited. Where payees choose to inform payers about interchange fees and merchant service charges, they must also inform payers about the savings that the present Regulation allows payees to make, and the cost to payees of accepting cash, and cheques, where they do. 7

8 Justification: at point of sale payers generally have the choice between a range of payment instruments, not only between debit and credit cards, and their different brands. As the ambition of this Regulation also is to have payers make more informed choices, it is essential that the information made available by payees is not limited to interchange fees and merchant service charges, but also covers the other payment instruments they accept. Article 16 Review clause Four years after the entry into force of this Regulation, the Commission shall present to the European Parliament and to the Council a report on the application of this Regulation. The Commission s report shall look in particular at the appropriateness of the levels of interchange fees and at steering mechanisms such as charges, taking into account the use and cost of the various means of payments and the level of entry of new players and new technology on the market. FourFive years after the entry into force of this Regulation, the Commission shall present to the European Parliament and to the Council a report on the application of this Regulation. The Commission s report shall look in particular at the appropriateness of the levels of interchange fees and at steering mechanisms such as charges and levels of merchant pass through of reduction in interchange (on the basis of annual industry panel studies), taking into account the use and cost of the various means of payments and the level of entry of new players and new technology on the market. Justification: The 1 year delay for the presentation of the Commission s report is to allow the amendment proposed above to Article 4.3 and 4.4. A separate point is the content of the Commission s report. A key justification for capping interchange is that the benefits of such capping are passed on to consumers. Data from markets having introduced such caps are either inconclusive, or show that merchants retain (the bulk of) any savings from a reduction in interchange. In order to inform any evolution of policy it is essential that the Commission presents a complete picture of the market, including an independent, authoritative assessment as to whether the reduction of interchange was passed on to consumers. 2- Amendment proposals to Recitals Recital 12 The application of existing legislation by the The European regulator makes the working 8

9 Commission and national competition authorities has not been able to redress this situation. hypothesis that the application of existing legislation by the Commission and national competition authorities has not been able to redress this situation. Justification: There is no analysis as to the reason(s) for which existing legislation (including the stringent provisions of the Treaty) were unsuccessful to redress this situation i.e. the alleged persistence of high interchange fees and rules preventing e.g. banks from offering cross-border services or retailers from reducing payment costs. There is no explanation either as to why new legislation would succeed where the existing one failed. Recital 14 The application of this Regulation is without prejudice to the application of Union and national competition rules. It should not prevent Member States from maintaining or introducing lower caps or measures of equivalent object or effect through national legislation. Although the application of this Regulation is without prejudice to the application of Union and national competition rules, it should be acknowledged by Member States that by legislating via a Regulation rather than a Directive the European legislator is seeking the market convergence that will medium term assist in generating more of a single market for payments. It should not prevent Member States from maintaining or introducing lower caps or measures of equivalent object or effect through national legislation. Justification: The tenor of this Recital has been aligned with the objectives otherwise heralded for this Regulation, namely the necessity to establish legal certainty and the further construction of the internal market. Recital 21 In accordance with the principle of technological neutrality set out in the Digital Agenda for Europe, this Regulation should apply to card based payment transactions regardless of the environment in which this transaction takes place, including through retail payment instruments and services which can In accordance with the principle of technological neutrality set out in the Digital Agenda for Europe, this Regulation should apply to card based payment transactions regardless of the environment in which this transaction takes place, including through retail payment instruments and services 9

10 be off-line, on-line or mobile. which can be off-line, on-line or mobile. Justification: To fully align with the objective pursued, i.e. technological neutrality, the last section of this Recital should be deleted, as it gives way to different interpretations, and as underlying market scenarios may evolve rapidly. Recital 24 Consumers tend to be unaware of the fees paid by merchants for the payment instrument they use. At the same time, a series of incentivizing practices applied by issuing payment service providers (such as travel vouchers, bonuses, rebates, charge backs, free insurance, etc) may steer consumers towards the use of payment instruments generating high fees for issuing payment service providers. To counter this, the measures imposing restrictions.[ ] Consumers tend to be unaware of the fees paid by and the overall cost to merchants for the payment instrument (either cash, or debit or credit card, or cheque, or other as relevant) they use. At the same time, a series of incentivizing practices applied by issuing payment service providers (such as travel vouchers, bonuses, rebates, charge backs, free insurance, etc) may steer consumers towards the use of payment instruments generating high fees for issuing payment service providers. To contribute to a level playing field counter this, the measures imposing restrictions [ ] Justification: This Recital requires amending in order to: - Acknowledge that payers make at point-o-sale a choice between a range of payment instruments, and that such guide should be guided by information about the costs to merchants of all such payment instruments and not only card-based instruments. - Address the mis-representation that charge-backs would be incentives whereas they exist for consumer protection purposes. - Address the suggestion that specific action by a subset of market participants would need countering, where the objective of the legislator should be to enable a level playing field. Recital 27 Payment instruments entail different costs to the payee, with certain instruments being more expensive than others. Except where a payment instrument is imposed by law for certain categories of payment and cannot be refused due to its legal tender status, the payee should be free to steer payers towards the use Payment instruments entail different costs to the payee, with certain instruments being more expensive than others. Except where a payment instrument is imposed by law for certain categories of payment and cannot be refused due to its legal tender status, the payee should be free to steer payers towards the use 10

11 of a specific payment instrument. Card schemes and payment service providers impose several restrictions on payees in this respect, examples of which include restrictions on the refusal by the payee of specific payment instruments for low amounts, on the provision of information to the payer on the fees incurred by the payee for specific payment instruments or limitation imposed on the payee of the number of tills in his shop accepting specific payment instruments. These restrictions must be abolished. of a specific payment instrument. In order to be able to compete with payment instruments imposed by law and/or which cost is not transparent to payees, in some instances Ccard schemes and payment service providers imposed several restrictions on payees in this respect, examples of which include restrictions on the refusal by the payee of specific payment instruments for low amounts, on the provision of information to the payer on the fees incurred by the payee for specific payment instruments or limitation imposed on the payee of the number of tills in his shop accepting specific payment instruments. These restrictions must be abolished, as should be abolished in parallel any obligation to accept cash. Justification: The objective of the proposed amendments to this Recital is to present a balanced picture of the reason for restrictions imposed on payees, where they exist, and the remedies. 11

12 About ESBG (European Savings Banks Group) ESBG: The European Voice of Savings and Retail Banking ESBG (European Savings Banks Group) is an international banking association that represents one of the largest European retail banking networks, comprising of approximately one-third of the retail banking market in Europe, with total assets of over 7,300 billion, non-bank deposits of 3,500 billion and non-bank loans of almost 4,000 billion (31 December 2012). It represents the interests of its members vis-à-vis the EU Institutions and generates, facilitates and manages high quality cross-border banking projects. ESBG members are typically savings and retail banks or associations thereof. They are often organised in decentralised networks and offer their services throughout their region. ESBG member banks have reinvested responsibly in their region for many decades and are a distinct benchmark for corporate social responsibility activities throughout Europe and the world. ESBG - Association internationale sans but lucratif/internationale vereniging zonder instoogmerk/ International not-for-profit association Rue Marie-Thérèse, 11 B-1000 Brussels Tel: Fax: Published by ESBG, November

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 17 December.

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 17 December. Council of the European Union Brussels, 16 January 2015 (OR. en) Interinstitutional File: 2013/0264 (COD) 5119/15 EF 7 ECOFIN 13 CONSOM 6 CODEC 21 NOTE From: To: Subject: General Secretariat of the Council

More information

Delegations will find hereby a Presidency compromise text on the above Commission proposal, as a result of the 17 October Working Party meeting.

Delegations will find hereby a Presidency compromise text on the above Commission proposal, as a result of the 17 October Working Party meeting. Council of the European Union Brussels, 31 October 2014 (OR. en) Interinstitutional File: 2013/0265 (COD) 14773/14 EF 281 ECOFIN 983 CONSOM 216 CODEC 2107 NOTE From: To: Subject: Presidency Delegations

More information

Key Points. Ref.:EBF_004742 Brussels, 04 November 2013

Key Points. Ref.:EBF_004742 Brussels, 04 November 2013 Ref.:EBF_004742 Brussels, 04 November 2013 European Banking Federation Position Paper on the European Commission Proposal for a Regulation on Interchange Fees for Card-Based Payment Transactions Launched

More information

Interchange Fee Regulation

Interchange Fee Regulation Interchange Fee Regulation Phase 3 Effective Thursday 9 th June, 2016 Date: May, 2016 Contact: Peter Robinson, liberticonsulting@gmail.com REGULATION ON INTERCHANGE FEES FOR CARD-BASED PAYMENT TRANSACTIONS

More information

Competition policy brief

Competition policy brief Issue 2015-3 June 2015 ISBN 978-92-79-38783-8, ISSN: 2315-3113 Competition policy brief Occasional discussion papers by the Competition Directorate General of the European Commission The Interchange Fees

More information

ESBG s Position Paper on the Commission Consultation on Bank Accounts ESBG (European Savings Banks Group)

ESBG s Position Paper on the Commission Consultation on Bank Accounts ESBG (European Savings Banks Group) ESBG s Position Paper on the Commission Consultation on Bank Accounts ESBG (European Savings Banks Group) Rue Marie-Thérèse, 11 - B-1000 Brussels ESBG Register ID 8765978796-80 12 June 2012 Doc 0675/2012

More information

Visa Europe Our response to the European Commission s proposed regulation of interchange fees for card-based payment transactions

Visa Europe Our response to the European Commission s proposed regulation of interchange fees for card-based payment transactions Visa Europe Our response to the European Commission s proposed regulation of interchange fees for card-based payment transactions Executive summary On 24 July 2013 the European Commission published a proposal

More information

HDE position on legislative package to regulate payment systems (MIF and PSD II)

HDE position on legislative package to regulate payment systems (MIF and PSD II) [Transparency Register No.: 31200871765-41] HDE position on legislative package to regulate payment systems (MIF and PSD II) November 2013 I. Einleitung I. Introduction The German Retail Federation HDE

More information

Ihr Zeichen, Ihre Nachricht vom Unser Zeichen, Sacharbeiter Durchwahl Datum BSBV 145/Dr. Priester/Ha 3132 20.12.2013

Ihr Zeichen, Ihre Nachricht vom Unser Zeichen, Sacharbeiter Durchwahl Datum BSBV 145/Dr. Priester/Ha 3132 20.12.2013 Bundessparte Bank und Versicherung Wirtschaftskammer Österreich Wiedner Hauptstraße 63 Postfach 320 1045 Wien T +43 (0)5 90 900-DW F +43 (0)5 90 900-272 E bsbv@wko.at W http://wko.at/bsbv Ihr Zeichen,

More information

Payments Package: Technical concerns

Payments Package: Technical concerns Payments Package: Technical concerns 1. Introduction This paper sets out some concerns and questions raised by payment users on how the payments package will operate in practice, its scope and its detailed

More information

Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions

Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions About MasterCard MasterCard is a payments technology company that enables

More information

Position Paper. issuers. how to leverage EC s regulation proposal. on interchange fees for card-based payment transactions

Position Paper. issuers. how to leverage EC s regulation proposal. on interchange fees for card-based payment transactions Position Paper issuers how to leverage EC s regulation proposal on interchange fees for card-based payment transactions The issuing landscape has dramatically changed over the last few years increased

More information

Consultation Paper. Draft Regulatory Technical Standards

Consultation Paper. Draft Regulatory Technical Standards EBA/CP/2015/24 08 December 2015 Consultation Paper Draft Regulatory Technical Standards on separation of payment card schemes and processing entities under Article 7 (6) of Regulation (EU) 2015/751 Contents

More information

Instant retail payments for Europe: a Blueprint

Instant retail payments for Europe: a Blueprint Instant retail payments for Europe: a Blueprint February 2015 Instant retail payments for Europe: a Blueprint It is indispensable to debate instant payments now. In an ever more interconnected, always-on

More information

Position Paper - Acquirers. acquire. maximum business advantage. from new EU Regulation on interchange. fees for card-based payment transactions

Position Paper - Acquirers. acquire. maximum business advantage. from new EU Regulation on interchange. fees for card-based payment transactions Position Paper - Acquirers acquire maximum business advantage from new EU Regulation on interchange fees for card-based payment transactions The payment landscape has changed a lot over the last few years.

More information

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL EUROPEAN COMMISSION Brussels, 9.1.2014 COM(2013) 937 final 2013/0449 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) N 260/2012 as regards the migration

More information

MEMO/09/143. General What are interchange fees? Brussels, 1 st April 2009

MEMO/09/143. General What are interchange fees? Brussels, 1 st April 2009 MEMO/09/143 Brussels, 1 st April 2009 Antitrust: Commissioner Kroes notes MasterCard's decision to cut cross-border Multilateral Interchange Fees (MIFs) and to repeal recent scheme fee increases frequently

More information

Payment Card Reform Framework

Payment Card Reform Framework Issued on: 23 December 2014 BNM/RH/STD 029-7 Payment Systems PART A OVERVIEW 1. Introduction... 1 2. Scope... 2 3. Applicability... 2 4. Legal provisions... 3 5. Effective date... 3 6. Interpretation...

More information

We have three statutory objectives that underpin everything we do. In summary these are:

We have three statutory objectives that underpin everything we do. In summary these are: The Payment Systems Regulator is the economic regulator for the 75 trillion payment systems industry in the UK. Our purpose is to make payment systems work well for those that use them. We have three statutory

More information

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions ACT on Payment Services 1 ) 2 ) of 19 August 2011 Part 1 General Provisions Article 1. This Act sets out rules for the provision of payment services, including: 1) the conditions for provision of payment

More information

TERMS OF REFERENCE FOR THE SEPA COMPLIANCE OF CARD SCHEMES

TERMS OF REFERENCE FOR THE SEPA COMPLIANCE OF CARD SCHEMES 4 March 2009 TERMS OF REFERENCE FOR THE SEPA COMPLIANCE OF CARD SCHEMES The Eurosystem supports the creation of the Single Euro Payments Area (SEPA) which will enable retail payments in euro to be made

More information

ECB-RESTRICTED. Card payments in Europe a renewed focus on SEPA for cards

ECB-RESTRICTED. Card payments in Europe a renewed focus on SEPA for cards ECB-RESTRICTED Card payments in Europe a renewed focus on SEPA for cards COGEPS 11 March 2014 SEPA WHERE DO WE STAND SEPA migration end-date (1 February 2014) was a key milestone (regardless of the additional

More information

Towards basic electronic payments A roadmap for competitive and inclusive payment systems in Europe

Towards basic electronic payments A roadmap for competitive and inclusive payment systems in Europe Towards basic electronic payments A roadmap for competitive and inclusive payment systems in Europe Revised position paper Date: May 2013 What do we need from our electronic payments? What Europe needs

More information

Interchange fee regulation: consultation response

Interchange fee regulation: consultation response Interchange fee regulation: consultation response October 2015 Interchange fee regulation: consultation response October 2015 Crown copyright 2015 This publication is licensed under the terms of the Open

More information

Public Consultation Paper: Payment Accounts Directive. Department of Finance. July 2015

Public Consultation Paper: Payment Accounts Directive. Department of Finance. July 2015 DIRECTIVE ON PAYMENT ACCOUNTS Public Consultation July 2015 Public Consultation Paper: Payment Accounts Directive Department of Finance July 2015 Department of Finance Government Buildings, Upper Merrion

More information

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION RECOMMENDATION. on remuneration policies in the financial services sector

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION RECOMMENDATION. on remuneration policies in the financial services sector EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 30.4.2009 C(2009) 3159 COMMISSION RECOMMENDATION on remuneration policies in the financial services sector {SEC(2009) 580} {SEC(2009) 581} EN EN

More information

Questions & Answers clarifying key aspects of the SEPA Cards Framework

Questions & Answers clarifying key aspects of the SEPA Cards Framework Doc. EPC075-08 (Version 10.0) 11 June 2008 Questions & Answers clarifying key aspects of the SEPA Cards Framework Circulation: Publicly available Restricted: No SEPA a Guide to the Single Euro Payments

More information

The Fintech and Payments Revolution of PSD2: What do I need to know?

The Fintech and Payments Revolution of PSD2: What do I need to know? Financial Regulation Group Focus April 2016 The Fintech and Payments Revolution of PSD2: What do I need to know? Technology and competition are revolutionising the provision of payment services. Long established

More information

Explanatory notes VAT invoicing rules

Explanatory notes VAT invoicing rules Explanatory notes VAT invoicing rules (Council Directive 2010/45/EU) Why explanatory notes? Explanatory notes aim at providing a better understanding of legislation adopted at EU level and in this case

More information

Proposal for a revised Payment Services Directive

Proposal for a revised Payment Services Directive Proposal for a revised Payment Services Directive BEUC position Contact: Financial Services Team financialservices@beuc.eu Ref.: X/2013/079-27/11/2013 BUREAU EUROPÉEN DES UNIONS DE CONSOMMATEURS AISBL

More information

4-column document Net neutrality provisions (including recitals)

4-column document Net neutrality provisions (including recitals) 4-column document Net neutrality provisions (including recitals) [Text for technical discussions. It does not express any position of the Commission or its services] Proposal for a REGULATION OF THE EUROPEAN

More information

The Commission proposal is in the left column, our suggestions in the right column. Recital 46. deleted

The Commission proposal is in the left column, our suggestions in the right column. Recital 46. deleted EDRi amendments on the proposed Regulation laying down measures concerning the European single market for electronic communications and to achieve a Connected Continent, and amending Directives 2002/20/EC,

More information

Erhvervs-, Vækst- og Eksportudvalget 2013-14 ERU Alm.del Bilag 285 Offentligt

Erhvervs-, Vækst- og Eksportudvalget 2013-14 ERU Alm.del Bilag 285 Offentligt Erhvervs-, Vækst- og Eksportudvalget 2013-14 ERU Alm.del Bilag 285 Offentligt NON-PAPER Interchange fee regulation and domestic debit card schemes The regulation of interchange fees as proposed by the

More information

MasterCard response to the Department of Finance public consultation Regulation (EU) 2015/751 on Interchange Fees for Card-based payment transactions

MasterCard response to the Department of Finance public consultation Regulation (EU) 2015/751 on Interchange Fees for Card-based payment transactions MasterCard response to the Department of Finance public consultation Regulation (EU) 2015/751 on Interchange Fees for Card-based payment transactions MasterCard MasterCard Worldwide (MasterCard) is a public-listed,

More information

Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments

Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments Ad 4.1.1. (MIFs) Figure 1. Interchange fees in card payments in Europe (2011). Visa Poland Germany

More information

BUREAU EUROPÉEN DES UNIONS DE CONSOMMATEURS AISBL

BUREAU EUROPÉEN DES UNIONS DE CONSOMMATEURS AISBL BEREC report on IPinterconnection in the context of Net Neutrality BEUC statement Contact: Guillermo Beltra digital@beuc.eu Ref.: X/2012/062-09/08/2012 BUREAU EUROPÉEN DES UNIONS DE CONSOMMATEURS AISBL

More information

Box 1: Four party credit card schemes

Box 1: Four party credit card schemes The relevant sections of the Payment Systems (Regulation) Act 1998 are provided in Attachment 1. The Reserve Bank did not designate the three party card schemes, the American Express card system and the

More information

FEEDBACK FORM. Address: First Data House, Christopher Martin Road, Basildon, Essex SS14 9AA, United Kingdom

FEEDBACK FORM. Address: First Data House, Christopher Martin Road, Basildon, Essex SS14 9AA, United Kingdom FEEDBACK FORM Name of undertaking: First Data International Industry (network, current/potential acquirer, current/potential issuer, processor, other third party provider (e.g. merchant service provider),

More information

Information request from the Payment Systems Regulator (PSR) to [Scheme name] in relation to the EU Interchange Fee Regulation

Information request from the Payment Systems Regulator (PSR) to [Scheme name] in relation to the EU Interchange Fee Regulation To: [Scheme name] By email 19 November 2015 Dear all, Information request from the Payment Systems Regulator (PSR) to [Scheme name] in relation to the EU Interchange Fee Regulation For purposes associated

More information

The Czech National Bank s opinion

The Czech National Bank s opinion The Czech National Bank s opinion on the European Commission consultation document GREEN PAPER Towards an integrated European market for card, internet and mobile payments (of 11 January 2012) This section

More information

5439/15 PT/ek 1 DG E

5439/15 PT/ek 1 DG E Council of the European Union Brussels, 20 January 2015 5439/15 Interinstitutional File: 2013/0309 (COD) TELECOM 17 COMPET 12 MI 28 CONSOM 13 CODEC 70 NOTE from: Presidency to: Delegations No. Cion prop.:

More information

Irmfried Schwimann. Acting Director 'Financial services and Health-related markets' European Commission, DG Competition. SEPA and competition

Irmfried Schwimann. Acting Director 'Financial services and Health-related markets' European Commission, DG Competition. SEPA and competition Irmfried Schwimann Acting Director 'Financial services and Health-related markets' European Commission, DG Competition SEPA and competition European Payment Council, Coordination Committee offsite meeting

More information

A Guide to the Card Payments System Reforms

A Guide to the Card Payments System Reforms A Guide to the Card Payments System Reforms Michele Bullock* Studies by the Reserve Bank undertaken from 2000 to 2002 concluded that the structure of pricing in the Australian card payments system was

More information

Federal House of Representatives Economics, Finance & Public Administration Committee

Federal House of Representatives Economics, Finance & Public Administration Committee Federal House of Representatives Economics, Finance & Public Administration Committee Hearing on the Reserve Bank of Australia s reforms to the payment system May 2006 Table of contents Introduction 1.

More information

European Payment Card Systems for the 21 st Century. A paper from MasterCard Europe

European Payment Card Systems for the 21 st Century. A paper from MasterCard Europe U European Payment Card Systems for the 21 st Century A paper from MasterCard Europe For four decades, MasterCard Europe 1 has been working successfully with European banks to deliver secure, efficient

More information

Key Points. Ref.:EBF_007865E. Brussels, 09 May 2014

Key Points. Ref.:EBF_007865E. Brussels, 09 May 2014 Ref.:EBF_007865E Brussels, 09 May 2014 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association countries.

More information

DECISION ON DETERMINING THE INTERCHANGE FEE IN VISA AND MASTERCARD SYSTEMS

DECISION ON DETERMINING THE INTERCHANGE FEE IN VISA AND MASTERCARD SYSTEMS DECISION ON DETERMINING THE INTERCHANGE FEE IN VISA AND MASTERCARD SYSTEMS The proceedings initiated upon a complaint of the Polish Organisation of Commerce and Distribution, were conducted under Polish

More information

Feedback statement on European Commission Green Paper Towards an integrated European market for card, internet and mobile payments

Feedback statement on European Commission Green Paper Towards an integrated European market for card, internet and mobile payments EUROPEAN COMMISSION Directorate General Internal Market and Services Directorate General Competition Feedback statement on European Commission Green Paper Towards an integrated European market for card,

More information

EPC020-08 11.02.2015 SEPA CARDS STANDARDISATION (SCS) VOLUME

EPC020-08 11.02.2015 SEPA CARDS STANDARDISATION (SCS) VOLUME EPC020-08 11.02.2015 (Vol Ref. 7.7.0.05) 1 2 3 4 5 6 7 8 9 10 11 12 13 SEPA CARDS STANDARDISATION (SCS) VOLUME BOOK 7 CARDS PROCESSING FRAMEWORK Payments and Cash Withdrawals with Cards in SEPA Applicable

More information

Position. on the Proposal for a Regulation of the European Parliament and of the. Council on interchange fees for card-based payment transactions,

Position. on the Proposal for a Regulation of the European Parliament and of the. Council on interchange fees for card-based payment transactions, Position on the Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions, Com (2013) 550 final Contact: Christian Schollmeyer Telephone:

More information

The EU Work on Payments

The EU Work on Payments The EU Work on Payments W3C Workshop on Web Payments Paris, 24 25 March 2014 Alexander Gee DG Competition European Commission The views expressed are purely those of the author and may not be regarded

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

A new Payments Services Directive and a Regulation on Interchange Fees for card-based transactions Examining key implications for end users

A new Payments Services Directive and a Regulation on Interchange Fees for card-based transactions Examining key implications for end users A new Payments Services Directive and a Regulation on Interchange Fees for card-based transactions Examining key implications for end users On 24 July 2013 the European Commission adopted a legislative

More information

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared

More information

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on electronic invoicing in public procurement. (Text with EEA relevance)

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. on electronic invoicing in public procurement. (Text with EEA relevance) EUROPEAN COMMISSION Brussels, 26.6.2013 COM(2013) 449 final 2013/0213 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on electronic invoicing in public procurement (Text with

More information

Interchange fees for card-based payment transactions

Interchange fees for card-based payment transactions Briefing March 2015 Interchange fees for card-based payment transactions SUMMARY Card-based payments have a growing share of retail payments, as do non-cash payments in both e-commerce and traditional

More information

Review of the Payment Services Directive

Review of the Payment Services Directive EU Review of the Payment Services Directive The question of surcharges Elina Pyykkö ECRI Policy Brief No. 5 October 2011 The Payment Services Directive was intended to provide more price transparency for

More information

European Commission Green Paper on card, mobile and e- payments

European Commission Green Paper on card, mobile and e- payments European Commission Green Paper on card, mobile and e- payments A Cicero Consulting Special Report 2 Contents page Cicero Introduction Page 3 Current payments landscape Page 5 Objectives Page 5 Possible

More information

Council of the European Union Brussels, 28 July 2015 (OR. en)

Council of the European Union Brussels, 28 July 2015 (OR. en) Conseil UE Council of the European Union Brussels, 28 July 2015 (OR. en) PUBLIC 11243/15 LIMITE DRS 50 CODEC 1084 NOTE From: To: Subject: General Secretariat of the Council Delegations Proposal for a DIRECTIVE

More information

Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990

Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990 Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990 Contents Page Summary... 1 Introduction... 2 Background... 4 Monitoring activity... 7 Market developments... 7 Stakeholder

More information

DELEGATED REGULATION (EU)

DELEGATED REGULATION (EU) RTS 15: Draft regulatory technical standards on market making, market making agreements and marking making schemes COMMISSION DELEGATED REGULATION (EU) No /.. of [date] supplementing Directive 2014/65/EU

More information

6482/15 GB/ek 1 DG E2B

6482/15 GB/ek 1 DG E2B Council of the European Union Brussels, 25 February 2015 (OR. en) Interinstitutional File: 2013/0309 (COD) 6482/15 NOTE From: To: Presidency Delegations TELECOM 48 COMPET 57 MI 106 CONSOM 36 CODEC 239

More information

24 April 2015. By email: pysubmissions@rba.gov.au

24 April 2015. By email: pysubmissions@rba.gov.au 24 April 2015 By email: pysubmissions@rba.gov.au Dr Anthony Richards Head of Payments Policy Department Reserve Bank of Australia GPO Box 3947 Sydney NSW 2001 Dear Mr Richards, Review of Card Payments

More information

EPC SEPA CARDS STANDARDISATION (SCS) VOLUME

EPC SEPA CARDS STANDARDISATION (SCS) VOLUME EPC020-08 08.12.2015 (Vol Ref. 7.7.1.1) SEPA CARDS STANDARDISATION (SCS) VOLUME BOOK 7 CARDS PROCESSING FRAMEWORK Payments and Cash Withdrawals with Cards in SEPA Applicable Standards and Conformance Processes

More information

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL EUROPEAN COMMISSION Brussels, 21.3.2012 COM(2012) 124 final 2012/0060 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the access of third-country goods and services to

More information

EUROPEAN COMMISSION Directorate General Internal Market and Services. CAPITAL AND COMPANIES Audit and Credit Rating Agencies

EUROPEAN COMMISSION Directorate General Internal Market and Services. CAPITAL AND COMPANIES Audit and Credit Rating Agencies EUROPEAN COMMISSION Directorate General Internal Market and Services CAPITAL AND COMPANIES Audit and Credit Rating Agencies Brussels, 3 September 2014 Q&A - Implementation of the New Statutory Audit Framework

More information

Under European law teleradiology is both a health service and an information society service.

Under European law teleradiology is both a health service and an information society service. ESR statement on the European Commission Staff Working Document on the applicability of the existing EU legal framework to telemedicine services (SWD 2012/413). The European Society of Radiology (ESR)

More information

(DRAFT)( 2 ) MOTION FOR A RESOLUTION

(DRAFT)( 2 ) MOTION FOR A RESOLUTION 05 Motions for resolutions, and other B8 documents 05_09. Motions to wind up debate on statements by other institutions: Rule 123(2) Cover page EUROPEAN PARLIAMENT 2014 2019 Plenary sitting [.2014] B[8-/2014](

More information

At its meeting held on 11 and 12 February 2004 the Working Party completed the third reading of the above Proposal.

At its meeting held on 11 and 12 February 2004 the Working Party completed the third reading of the above Proposal. Conseil UE COUNCIL OF THE EUROPEAN UNION Brussels, 25 February 2004 PUBLIC Interinstitutional File: 2002/0242 (CNS) DOCUMT PARTIALLY ACCESSIBLE TO THE PUBLIC 6681/04 LIMITE MIGR 10 OUTCOME OF PROCEEDINGS

More information

Why Europe needs the Payments Package: the merchants position

Why Europe needs the Payments Package: the merchants position Why Europe needs the Payments Package: the merchants position Summary July 2014 EuroCommerce and the European Retail Round Table (ERRT) urge the Council and the new Parliament to adopt the regulation on

More information

The Online Payment Process

The Online Payment Process Bank of Valletta Insert Title of Presentation The Online Payment Process Ray Bezzina Agenda Is there the need for me to go online? What do I stand to gain if I go online? What do I stand to lose if I do

More information

Evaluation of the 2009 interchange and credit card settlements

Evaluation of the 2009 interchange and credit card settlements ISBN no. [0000000000000] Project no. 11.02/13795 Public version Evaluation of the 2009 interchange and credit card settlements Research report Date: 19 December 2013 2 CONTENTS GLOSSARY... 3 SUMMARY...

More information

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 5 May 2015.

Delegations will find below the final compromise text on the abovementioned Commission proposal, as a result of the Trilogue of 5 May 2015. Council of the European Union Brussels, 2 June 2015 (OR. en) Interinstitutional File: 2013/0264 (COD) 9336/15 NOTE From: General Secretariat of the Council EF 92 ECOFIN 417 CONSOM 96 CODEC 794 To: Permanent

More information

Payment Card Reform Framework. Concept Paper

Payment Card Reform Framework. Concept Paper Payment Concept Paper Issued on: 10 October 2014 Card Reform Framework TABLE OF CONTENTS PREFACE 1 PART A OVERVIEW... 2 1. Introduction 2 2. Objective... 8 3. Scope. 8 4. Applicability... 9 5. Legal provisions..

More information

The reform of the EU Data Protection framework - Building trust in a digital and global world. 9/10 October 2012

The reform of the EU Data Protection framework - Building trust in a digital and global world. 9/10 October 2012 The reform of the EU Data Protection framework - Building trust in a digital and global world 9/10 October 2012 Questionnaire addressed to national Parliaments Please, find attached a number of questions

More information

Securing Internet Payments. The current regulatory state of play

Securing Internet Payments. The current regulatory state of play Securing Internet Payments The current regulatory state of play In recent years the European Union (EU) institutions have shown a growing interest on the security of electronic payments. This interest

More information

EACB messages for the Trialogue negotiations on Bank Recovery and Resolution Directive

EACB messages for the Trialogue negotiations on Bank Recovery and Resolution Directive EACB messages for the Trialogue negotiations on Bank Recovery and Resolution Directive 30 August 2013 The EACB is the voice of the co-operative banks in Europe. It represents, promotes and defends the

More information

RESERVE BANK OF AUSTRALIA

RESERVE BANK OF AUSTRALIA w RESERVE BANK OF AUSTRALIA PAYMENT SYSTEMS (RECULATTON) ACT 7998 STANDARD NO. 3 OF 201.6 SCHEME RULES RELAT NG TO MERCHANT prtctng FOR CREDTL DEBTT AND PREPAI D CARD TRANSACTIONS Pursuant to Section l-8

More information

Final text of Durbin Amendment as contained in the Dodd Frank Act

Final text of Durbin Amendment as contained in the Dodd Frank Act Final text of Durbin Amendment as contained in the Dodd Frank Act SEC. 920. REASONABLE FEES AND RULES FOR PAYMENT CARD TRANSACTIONS. (a) REASONABLE INTERCHANGE TRANSACTION FEES FOR ELECTRONIC DEBIT TRANSACTIONS.

More information

Payments Package: Questions and Answers

Payments Package: Questions and Answers Payments Package: Questions and Answers Date: November 2013 Contact: Ruth Milligan, T: +32 2 737 05 95, milligan@eurocommerce.be A. Introduction The Commission published its Payments Package on 24 July

More information

DECISION PROMULGATING THE PAYMENT SYSTEM ACT

DECISION PROMULGATING THE PAYMENT SYSTEM ACT THE CROATIAN PARLIAMENT 3247 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE PAYMENT SYSTEM ACT I hereby promulgate the Payment System

More information

CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS

CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union FINANCIAL MARKETS Asset management CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL

More information

Act on Payment Services

Act on Payment Services Act on Payment Services No. 120 27 September 2011 Entered into force 1 December 2011. EEA Agreement: Annex IX, Directive 2007/64/EC. Amended by Act No. 17/2013 (entered into force on 1 April 2013; EEA

More information

PaySys SEPA Newsletter April 2009

PaySys SEPA Newsletter April 2009 Topics of this issue: 1. Competition between debit cards schemes in Belgium (by Robert Wastyn) 2. EU finds (temporary ) compromise with MasterCard 3. Visa Europe: Unwelcome letter from Brussels 4. French

More information

PRINCIPLES OF CORPORATE GOVERNANCE FOR SUPERVISED INSTITUTIONS

PRINCIPLES OF CORPORATE GOVERNANCE FOR SUPERVISED INSTITUTIONS PRINCIPLES OF CORPORATE GOVERNANCE FOR SUPERVISED INSTITUTIONS Content of principles I. ORGANISATION AND ORGANISATIONAL STRUCTURE 1. 1 The organisation of a supervised institution should enable meeting

More information

BEREC Guidelines for Quality of Service in the scope of Net Neutrality

BEREC Guidelines for Quality of Service in the scope of Net Neutrality BEREC Guidelines for Quality of Service in the scope of Net Neutrality BEUC response to the public consultation Contact: Guillermo Beltrà digital@beuc.eu Ref.: X/2012/060-27/07/2012 BUREAU EUROPÉEN DES

More information

EC - Green Paper Towards an integrated European market for card, internet and mobile payments European Payments Council Response

EC - Green Paper Towards an integrated European market for card, internet and mobile payments European Payments Council Response EPC079-12 Version 1.0 Date issued: 6 April 2012 EPC EC - Green Paper Towards an integrated European market for card, internet and mobile payments European Payments Council Response Circulation: Public

More information

Code of Conduct for the Credit and Debit Card Industry in Canada

Code of Conduct for the Credit and Debit Card Industry in Canada Code of Conduct for the Credit and Debit Card Industry in Canada Purpose The purpose of the Code is to demonstrate the industry s commitment to: 1. Ensuring that merchants are fully aware of the costs

More information

Form Payments statistics (formerly form-9006)

Form Payments statistics (formerly form-9006) Form Payments statistics (formerly form-9006) General The report contains data on payments, specifically payments between consumers, businesses and the government. As of July 2014, this report implements

More information

Position Paper Ecommerce Europe. E-Payments 2012

Position Paper Ecommerce Europe. E-Payments 2012 Position Paper Ecommerce Europe E-Payments 2012 Contents Introduction: Ecommerce Europe 3 1. Payments from the merchants perspective 5 2. Market outlook 6 3. Card-based payments and related fraud issues

More information

Payments Statistics Return (PSA)

Payments Statistics Return (PSA) Payments Statistics Return (PSA) Notes on Compilation Incorporating FAQ Version 1.1 4 March 2015 Email: creditinst@centralbank.ie Website: http://www.centralbank.ie/ Version Date Comment V1.1 4 March 2015

More information

Code of Conduct for the Credit and Debit Card Industry in Canada. The purpose of the Code is to demonstrate the industry s commitment to:

Code of Conduct for the Credit and Debit Card Industry in Canada. The purpose of the Code is to demonstrate the industry s commitment to: Purpose Code of Conduct for the Credit and Debit Card Industry in Canada The purpose of the Code is to demonstrate the industry s commitment to: 1. Ensuring that merchants are fully aware of the costs

More information

FREQUENTLY ASKED QUESTIONS ABOUT SEPA

FREQUENTLY ASKED QUESTIONS ABOUT SEPA FREQUENTLY ASKED QUESTIONS ABOUT SEPA 1. What does SEPA mean? SEPA stands for Single Euro Payments Area. 2. What countries are part of SEPA? The SEPA includes 31 countries: the 27 EU members plus Norway,

More information

***I SUPPLEMENTARY REPORT

***I SUPPLEMENTARY REPORT European Parliament 2014-2019 Plenary sitting 28.9.2015 A8-0266/2015 ***I SUPPLEMTARY REPORT on the proposal for a directive of the European Parliament and of the Council on payment services in the internal

More information

BEUC s contribution on Cloud Computing for the Public Hearing in the ITRE Committee, European Parliament, 29 May 2013

BEUC s contribution on Cloud Computing for the Public Hearing in the ITRE Committee, European Parliament, 29 May 2013 BEUC s contribution on Cloud Computing for the Public Hearing in the ITRE Committee, European Parliament, 29 May 2013 Contact: Digital and Consumer Contracts Teams digital@beuc.eu - consumercontracts@beuc.eu

More information

EACT COMMENTS ON THE COMMISSION PROPOSAL FOR PAYMENT SERVICES DIRECTIVE II

EACT COMMENTS ON THE COMMISSION PROPOSAL FOR PAYMENT SERVICES DIRECTIVE II EACT COMMENTS ON THE COMMISSION PROPOSAL FOR PAYMENT SERVICES DIRECTIVE II 9 May 2014 1. Introduction The EACT supports a competitive and integrated European payments market and has since many years been

More information

Position Paper e-payments

Position Paper e-payments Position Paper e-payments 10 Recommendations for a Stronger e-payments Landscape in Europe www.ecommerce-europe.eu POSITION PAPER 3 Introduction: Ecommerce Europe Ecommerce Europe (www.ecommerce-europe.eu)

More information

EUROPEAN COMMUNITIES (WIRE TRANSFERS REGULATION) (APPLICATION) ORDER 2007

EUROPEAN COMMUNITIES (WIRE TRANSFERS REGULATION) (APPLICATION) ORDER 2007 Statutory Document No. 332/07 EUROPEAN COMMUNITIES (ISLE OF MAN) ACT 1973 EUROPEAN COMMUNITIES (WIRE TRANSFERS REGULATION) (APPLICATION) ORDER 2007 Draft laid before Tynwald 20th March 2007 Approved by

More information

Consumer Charter for Global Business

Consumer Charter for Global Business Consumer Charter for Global Business CONSUMERS INTERNATIONAL Global Policy and Campaigns Unit 24 Highbury Crescent London N5 1RX, UK Tel:+44 20 7226 6663 Fax:+44 20 7354 0607 Email: consint@consint.org

More information