The strategy draws on the findings of the public consultation launched earlier this year and identifies key objectives and priorities for retail payments in Europe over the next four years.
The EC hopes the strategy will bring fast, reliable and safe payment services to businesses and citizens in the EU, making it easier for consumers to pay in shops and facilitating more convenient and safer e-commerce transactions. The strategy aims to achieve a fully integrated retail payments system in the EU, including instant cross-border payment solutions to facilitate payments in euros between the EU and other jurisdictions. The EC says the strategy will further promote the emergence of both home-grown and EU-wide payment solutions.
The EC also notes that, whilst the Payment Services Directive 2 (PSD2) was an important legislative step, it will be reviewed in Q4 2021 and adjusted (if required) in order to support the implementation of new policies introduced under the Retail Payments Strategy.