On 1 December 2021, EU40 hosted a virtual discussion with experts from European governments, civil society and interested organisations, where the speakers took the chance to look at what consumers want, what the industry requires and how policy is influencing it all.
How do we pay today? And how will we pay tomorrow? Is there a need for further policy action in the payments sphere at the European level or are the current rules fit-for-purpose? Take a look below to see the highlights from the discussion.
Opening the discussion, EU40 MEP Ondřej Kovařík (Renew Europe, CZ) highlighted the importance of taking into account the payments systems within EU, whilst also considering cross-border dimensions – both are important for consumers and companies. Open banking and finance are critical areas for the provision of financial services, not to mention in guaranteeing competitiveness across the board.
Hendrik Frank, Board Member at Payments Europe and Head of EU Affairs at Deutsche Kreditbank, summarised the latest Payments Europe study, where the evolution of the payments market was monitored. Some of the key findings from the report showed that cards continue to be preferred payment option for consumers and merchants, whilst contactless payments are becoming increasingly popular, as is the interest in instant payments.
Genevieve Marjoribanks, Head of Policy at the UK Payment Systems Regulator, pointed out that there are a variety of risks that come with all sorts of transations – whether it’s buying a coffee, or paying back a friend. However, she also pointed out that these risks can present as opportunities for payment service providers in order to ensure that needs are met for each, especially when it comes to fraud, for example.
Sandrell Sultana, Head of EU Public Policy at Stripe, brought to light the wonders and challenges of changing marketplace platforms. For example, social media has effectively transformed marketplaces – the consumer has moved from physical storefronts to online blog posts. The focus to online is expanding at an international scale, and retailers are looking to expand their e-commerce. Of course, there are challenges, such as tackling GDPR data privacy in Europe.
Find the full recording of the virtual event here: