The e-commerce sector needs a more innovative, transparent and stronger e-payments landscape. This is needed to facilitate a seamless online shopping experience for consumers. Ecommerce Europe and its national associations have contacted the European Ministers for Economic and Financial Affairs (ECOFIN) with this clear message.
Ecommerce Europe welcomes the efforts of the European policy makers to modernize the legislative framework for the payment services industry. The legislation under discussion in the ECOFIN Council (7 Nov.), the “payments package”, will create the framework for all online payments in Europe for the years to come.
Innovation leads to safer and cheaper payment systems
For the e-commerce sector to flourish it is thereby essential that the legislation leaves room for innovation in the payments market. Online merchants should be able to freely choose from safe and easy-to-use payment systems at a fair cost. Also, web shops will be much more likely to profit from cross-border trade when the consumer can trust that the payment system is secure.
The payments package has great potential to positively reform the European online payments market. It includes for example rules about the maximum fees of credit cards transactions. Also, it regulates the access of third party payment providers, such as PayPal, to the European market. Ecommerce Europe has therefore asked the European Ministers to not only focus on risks of payment services, but to also focus on the possibilities of new technological developments.
Ecommerce Europe’s view for better e-payments
For further information on Ecommerce Europe’s recommendations, please click here for the updated version of the Position Paper on e-Payments (2014).
During the upcoming meeting of the ECOFIN Ministers, they will aim to reach a partial common approach on the legislation. After this, the Ministers still have to negotiate with the European Parliament and the European Commission to finalize the rules. Ecommerce Europe continues to voice the interests of the European e-commerce industry to the policy makers and will report back to its members accordingly.