Europe-wide payment system

Europe-wide payment system

To smooth national specificities in European electronic payment systems, the European Commission has recommended setting up by 2010 of a single Europe-wide payment system. The cost of multiple payment systems is assessed to be 2% to 3% of the European GDP, or about € 50-100bn. The goal is to provide first a European legal framework, reach D+1 payment delay for trans-border transactions, and set up harmonized rules for rights and duties of consumers and businesses.