E-payments unlocked in Europe?

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Ecommerce Europe has contributed to the Online Paypers premium newsletter on June 28, which was dedicated to MyBank. Paul Alfing, chair e-Payments Committee: “MyBank has the potential to unlock e-payments in Europe through the familiar and trusted online banking portal in combination with the SEPA payment instruments SCT and SDD”. Ecommerce Europe welcomes any development that strengthens innovation and competition in payments for consumer-not-present contexts. Online Banking e-Payment (OBeP) solutions are for example highly appreciated by both merchants and consumers, but the reach on a European scale is lacking. A good example of a pan-European initiative in this field is MyBank, developed by EBA Clearing.

This solution will hopefully combine reach and conversion; and offers a non-reversible payment and competitive fees. This is an important step to boost cross-border e-commerce within Europe. In his contribution, Alfing noted: “It is a good thing that a solution has been found for ‘payments via bank accounts’ as an alternative to ‘payments via a card’. Nevertheless, its rapid and broad adoption by banks and web merchants is crucial for the success of MyBank”.

The possibility of issuing electronic collection authorisations via MyBank (e-mandates) is a valuable addition that fulfils an important request of web merchants. Only then will the potential become evident of this initiative which enables banks to offer an alternative to cross-border payment methods such as credit cards and PayPal.

  • For more info and news on e-payments, please keep an eye at our media partner ‘the Paypers’.
  • Read here the complete Online Paypers article.
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