BdB: Pan-European card payments move a step closer

05 September 2006

Cardholders of European banks will soon be able to use their payment cards for transactions at Points of Sale (POS) and cash withdrawals in other European countries just as easily as in their home country. This is the goal declared by the major European card payment schemes that collectively stand for the majority of card payments in Europe and who have now founded the Euro Alliance of Payment Schemes (EAPS). In a landmark agreement, the 'Wiesbaden Declaration', the executives of these card payment schemes agreed yesterday evening on important principles of cooperation that will enable the creation of a new alternative for pan-European payments.

The new pan-European payment federation will operate on the basis of a common acceptance mark, allowing European cardholders and retailers to perform card payments and cash withdrawals with national payment cards across Europe’s national boundaries.

The first pilots between the founding members will be operational by the end of 2006 and will be successively expanded during the course of 2007.

Declaration

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