European Council back plans for EU payment innovation


EU member states are seeking to boost retail payment efficiency for consumers, making ecommerce transactions widely available and safe across the Union.

As part of the new plans, the Council announced the adoption of its conclusions that respond to the retail payments strategy for the EU presented by the Commission in September 2020. 

It comes amid a backdrop of rapid innovation and digitalisation of the economy, the conclusions welcome the comprehensive strategy set out by the Commission for the further development of the retail payments market in the EU.

The Council gives the Commission a strong political mandate for pushing forward initiatives across these fields and for presenting legislative proposals, where appropriate, after a due impact assessment. 

This includes a comprehensive review of the payments services directive to take account of the developments in the market and the challenges encountered in its implementation.

The necessity of instant payments has increased following the pandemic, with payment efficiency and security taking on heightened importance for global economies as they have become more digital.