European payment initiative of EPI The European payments initiative

2020: Plan of start of a system

In Europe 16 banks from Germany, France, Belgium, Spain and the Netherlands agreed in June, 2020 about creation of a new system of instant translation of payments.

As stated in the message of the Spanish bank BBVA, in the European payment initiative (EPI) emphasis on direct translations from the card will be put on the card (P2P).

A system will be directed to support of strengthening of European Single Market and designed to become new standard means of payment for consumers on all transaction types, emphasized in credit institution.

Actually, all these transactions can be done and today, but the overall picture looks quite fragmentary from the country to the country. In addition the actual monopolists in the field of payment transactions are now the American companies Visa and MasterCard which to press and a new European system is called.

"Existing solutions for digital payments in Europe are fragmented, and clients still cannot pay everywhere in a digital format. EPI will allow to pay off in shops, online, to remove cash in addition to existing solutions for the international schemes of payments", the statement says.

The European payment initiative should earn in 2022. Banks which integrated for creation of a new system, urge other financial institutions to adjoin the project.

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