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Digitalisation and new technologies have prompted the emergence of innovative payments, but Europeans are not fully benefitting, as faster, more innovative payments remain domestic, or are not yet available on a large or European scale. In the face of this and the challenges brought by big techs, Europe needs a strategic vision to ensure that consumers and companies fully reap the benefits of an integrated market, offering secure, fast, convenient, accessible and affordable payment services.
This public consultation, which is published together with the public consultation on a new digital finance strategy, is a key step towards the adoption of a retail payments strategy for Europe.
The outcome of this public consultation will help the Commission prepare its retail payments strategy to be published in Q3 of 2020.