Electronic Payments: new rules will reduce costs and improve security for consumers and businesses

"The final compromise on electronic payments approved today by a large majority of the European Parliament represents a significant step forward in favour of European citizens and businesses. The new rules will positively impact their daily lives, reduce costs and increase security for both consumers and businesses", said Antonio Tajani MEP, Vice-President of the European Parliament and Rapporteur for the proposal.

"The European market of payment services is still too fragmented and expensive with costs of approximately €130 billion a year", explained Tajani. "The new Directive will reduce these costs while opening up the market to new operators which will be subject
to the same regulatory and supervisory framework as other credit or payment institutions. The new rules will further improve consumer protection in cases of alleged fraud."
According to Tajani, the main beneficiaries of the Directive will be consumers who will benefit from reduced costs, more choice and increased legal certainty. "Moreover, thanks to the amendments introduced by the European Parliament, consumers will receive free information on transactions and will be granted an unconditional refund right in case of fraud or unauthorised payments", concluded Tajani.