The Retail Payments Strategy for the EU aims to bring safe, fast and reliable payment services to European citizens and businesses. It will make it easier for consumers to pay in shops and make e-commerce transactions safely and conveniently. It seeks to achieve a fully integrated retail payments system in the EU, including instant cross-border payment solutions. This will facilitate payments in Euro between the EU and other jurisdictions. It will promote the emergence of home-grown and pan–European payment solutions.
Consumer financial services (Communication) - Related Opinions
The objective of this proposal is to bring the benefits of Regulation 924/2009 to people and businesses in Member States outside the euro area, and put an end to the high cost of intra-EU cross-border transactions in euro. This proposal will enhance transparency for consumers by disclosing the full cost of a cross-border transaction. It will help them compare currency conversion service offers before starting a payment transaction involving a currency conversion.
With this opinion the EESC welcomes the Commission's initiative to prioritise the fight against cybercrime, as it aims to protect Europeans and businesses from cybercrime networks, and includes measures to boost confidence in the use of electronic payment instruments. The EESC is of the view that the benefits of digitisation must be flanked by mechanisms able to meet the accompanying challenges, so that the European economy and Europeans can enjoy the information society to the full. For the EESC it is important to establish deterrents and mechanisms to inform the public about the modus operandi of offenders as well, through awareness-raising campaigns conducted by law enforcement authorities in the Member States.
With this opinion the EESC takes the opportunity to comment on how the European market for retail financial services can be further opened up. The EESC welcomes that the Commission is on track and has an ambitious programme for implementing the Action Plan on Building a Capital Markets Union, also endorsing that consumers should be given the opportunity, whenever possible, to compare different products, so they can make an informed choice.