In January, the European Commission started a stakeholder consultation on the future of the European payments market by issuing the Green Paper: ‘Towards an integrated European market for card, internet and mobile payments’. It sought responses to a series of questions with respect to card payments, interchange fees, SEPA, standardisation, interoperability and payments security.
The EMA response to the Green paper stresses that the EMA is not in favour of regulatory intervention with respect to interchange fees. Regarding possible access to the bank account by third party payment service providers, the EMA recognises that it would enable significant innovation by third party providers and the offering of added value services. Continue Reading →