European Commission’s public consultation on instant payments:
EBF response

European Commission’s public consultation on instant payments: EBF response

BRUSSELS, 1 July 2021 – The EBF has recently responded to the European Commission’s public consultation on instant payments. Our response highlights amongst others that Pan-European instant payments can contribute to achieving a more integrated Single Market in retail payments. However, we consider of the utmost importance that the EU Commission clarifies as soon as possible its overall vision of a future EU payments landscape, where there is a widespread use of instant credit transfers and at the same time a digital euro could be issued, as the latter could displace the benefits of instant payments entirely and multiply the investment required. We also believe that the challenges of creating instant payment-based solutions that can compete with e.g. card systems should not be underestimated and that it is important that the right incentives are in place to make instant payments competitive over time vis-à-vis other payment means.

Contacts:

Anni Mykkanen, Senior Adviser, Payments & Innovation a.mykkanen@ebf.eu

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.