EC speaks on evolving payments market

In her speech, EU Commission Executive Vice-President Margrethe Vestager discussed the impact of the Interchange Fee Regulation and noted that:

• technology has resulted in a proliferation of payment methods available to customers and that the use of cashless and contactless payments has risen even more so due to Covid-19;
• developing faster and better payment technologies is in the interests of consumers and that big data is key to driving that innovation;
• the market’s dominant players cannot be allowed to shut out new entrants by delaying or withholding access to the data necessary to provide relevant payment services; and
• as the payments market continues to change, the EC will regulate and take enforcement actions if necessary.