Credit Card News European Commission Takes Step Towards Creating Single Payment Area 2997183

Written by Editorial Team

European Commission takes step towards creating Single Payment Area

02 December 2003

The European Commission has published a consultation paper as a step towards creating a “Single Payment Area” in the EU, which will make it easier to make cross-border payments by credit card, payment card, or electronic bank transfer.

Internal Market Commissioner Frits Bolkestein said: ‘A Single Payments Area will mean lower costs for payments, an end to unnecessary delays and much greater certainty over security and legal responsibility.’