The Impact Assessment started in September 2012 with the first meeting of the Was foreseen in the Commission Work Programme for 2013 and subject to a dedicated Roadmap. Initiative was led by the Directorate-General Internal Market and Services. Issues and consultation of interested parties Transaction data cannot easily be separated from the overall data for core Reliable data for internet and mobile payments is even moreĭifficult to collect and identify as the environment is fragmented and Used and published in the present report due to on-going proceedings inĬompetition cases. Related data for card schemes has been gathered by the Commission it cannot be Is regularly published by the European Central Bank (ECB). Transfers, direct debits and, to some extent, payment cards, transaction data For core payment instruments such as credit Important to note that robust data for the payment methods analysed in this The identified market failures and regulatory and supervisory gaps, andĪnalyses the rationale and potential implications of intervention at EU level. Report identifies problems in EU payment markets, in particular those owing to Of the importance of payments systems for the real economy and in line with theĬommission’s better regulation approach, policy orientations need to beĬarefully considered and their impact thoroughly assessed. More security and trust regarding payment More innovation based on improved scale effectsĪnd easier market access for payment service providers and More choice and transparency of payment services Initiative to drive market integration for card, internet and mobile paymentsĪ more competitive market leading to downwardĬonvergence of costs and prices for payment users These markets have also highlighted certain gaps and inconsistencies in the Level (with the possible exception of credit cards). It often difficult for consumers to use these payment methods at pan-European Internet and mobile payments, remain fragmented along national borders, making The significant progress achieved in the development of a regulation frameworkįor the payments market, card payments and new means of payments, such as
In bothĬases, electronic payments that work smoothly across borders are of utmost To make purchases abroad without even having to leave their home. More importantly still, today the internet enables consumers To travelling outside of their country of origin and to buying goods and Many European consumers and payment users have become used Market, and increasingly so as the world moves beyond bricks-and-mortar trade
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78Įfficient, competitive and innovative electronic payments are crucial ifĬonsumers, merchants and companies are to enjoy the full benefits of the Single 40ġ.9 Legal vacuum for certain payment serviceġ.10 Scope gaps and inconsistent applicationĥ.5.2 “One-leg” transactions and payments inĥ.6.1 Ancillary measures addressing competitionĦ.1.1 Weak governance arrangements (operationalġ.13 Ineffective competition in certain areasĦ.2.1 Interchange Fees (IFs) for card paymentsĦ.2.2 Restrictive business rules (Operationalġ.14 Diverse charging practices between MemberĦ.3.1 Steering practices (Operational objectivesġ.15 Legal vacuum for certain payment serviceġ.16 Scope gaps and inconsistent applicationĦ.5.1 Negative Scope of the PSD (Operationalħ Choice of the most appropriate policy instrument 71Ĩ Cumulative impacts, impacts on stakeholders and choice ofġ.17 Cumulative impact of the recommendedġ.18 Impact on different stakeholders. 38ġ.8 Diverse charging practices between Memberĥ.3.1 Steering practices - surcharging. 35ĥ.1.2 Standardisation and interoperability gapsġ.7 Ineffective competition in certain areasĥ.2.1 Interchange Fees (IFs) for card payments. 14ģ.2.2 Specific Problems stemming from the problemģ.2.3 Effects of the identified problems – aġ.5 The EU's right to act and justification. 7ģ.1.2 Payment cards – basic functioning, marketģ.1.3 Overview of legislative framework. 5ġ.2 External expertise and consultation ofģ Policy context, Problem definition and Subsidiarity. COMMISSION STAFF WORKING DOCUMENT IMPACT ASSESSMENT Accompanying the document Proposal for a directive of the European parliament and of the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/UE and 2009/110/EC and repealing Directive 2007/64/EC and Proposal for a Regulation of the European Parliament and of the Council on interchange fees for card-based payment transactionsĢ Procedural issues and consultation of interested parties.