| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/03/1641 (2.12.03) |
| Publication Date | 02/12/2003 |
| Content Type | News |
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The European Commission published a consultation paper on 2 December 2003 as a step towards creating a 'Single Payment Area' in the European Union. The aim is to make it as easy, cheap and secure to make a cross-border payment by credit card, payment card, electronic bank transfer, direct debit or any other means as it is to make a payment within one Member State. This is essential to maximise the efficiency of the European economy, and in particular electronic commerce. According to the latest figures, 143 million non-cash transactions take place every day in the EU, an average of 138 transactions per year per inhabitant. Rules protecting payment services users, providers and systems need to be clear and simple across the Internal Market. The Commission's document reflects discussions already held with Member States, central banks, the payment industry and consumer associations. It includes preliminary suggestions for future EU legislation to constitute a 'new legal framework' for payments in the Internal Market. Responses are invited by 31 January 2004. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/03/1641&format=HTML&rapid=0&language=EN&guiLanguage=en&display= |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
