In a few months’ time the excitement surrounding the make-up of the new European Parliament and appointment of a new Commission President and a College of European Commissioners will have passed. By then Europe’s new lawmakers will assume their roles for a five year term and focus on what should be their main objective: delivering qualitative regulation where it is deemed appropriate.
An important legislative package was first proposed in July 2013 and will be taken up again by EU lawmakers after the elections: the overhaul of the payment landscape which includes a revision of the existing Payments Services Directive (PSD II) and a new regulation on interchange fees (IFR) for card-based payment transactions.
Visa Europe supports the EU’s efforts to develop an integrated European payment market which fosters competition, innovation and security to the benefit of society. In an effort to help bolster the effectiveness of the proposals and minimise any adverse impacts on stakeholders we have reviewed the proposals using optimal principles for new legislation: 1) Does it create a level playing field for all payment providers? 2) Does it promote more innovative electronic payments? 3) Is there a viable balance between security and consumer convenience? 4) Does it guarantee legal certainty and commercial viability?
Applying these principles to the proposals in their current form shows that there could be unintended consequences that reverse any possible benefits, distort competition and create new problems for those involved in payments, including consumers and retailers.
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