Electronic payments - Tajani: Costs reduced in favour of consumers and businesses

The committee on economic and monetary affairs of the European Parliament has approved the final compromise text on the recast of the payment service directive. The agreement will be officially approved by the Plenary in Strasbourg in July.

The new directive will reduce the costs of the European payments market, opening up competition for new operators which will have to comply with the same supervisory rules as other payment institutions. The new rules will also improve consumers' protection in cases of fraud and unauthorized payments, making the European payment system more efficient, competitive and safe.

"The new rules will greatly reduce the cost of the online European payment system in favour of consumers and businesses," explained Antonio Tajani (pictured), vice president of the European Parliament and rapporteur on the proposal for a directive.

"The European payments market is highly fragmented; its cost is higher than 1% of the European BIP, that is €130 million per year. The European economy cannot bear such costs if it wants to stay competitive at global level," Tajani added. "With the new system the costs will be reduced, enhancing the security of payments online and creating a level playing field among the operators who will be able to access the market and offer new services of payments."

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