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Payments Europe, according to ecommercenews.eu, is currently made up of 13 card issuers, card acquisition companies, card schemes and other stakeholders active in the industry of card-based payment solutions. Companies active in the financial world like BNP Paribas, Deutsche Kreditbank, Mastercard and Visa are all involved. 

EU payment keyboard
© niroworld / Shutterstock.com

European Payment Stimulation

This new payment association wants to “stimulate a dynamic, competitive and consumer-centric payments landscape in Europe”. It also wants to promote a better understanding of the “complexity and inherent value the four-party card scheme business model brings to all parties in the payment ecosystem”. All in all, it wants to represent the card-based payments industry in Europe.

A First For Payment

“This is the first time that the European and global card-based payments industry is coming together in an association to present a common view to EU policy-makers about the issues that matter to our industry”, board member Kurt Gjesten from Card Payment Sweden, says. “We are confident that our new association will be able to make a real contribution to upcoming EU policy debates.”

In 2017, there were nearly 70 billion payments done by cards in the European Union. They are, by far, the most widely used electronic payment instrument in Europe, accounting for over half of all cashless transactions. Of course, more and more alternative payment solutions have entered the market, but card payments are still one of the fastest growing cashless payment methods.

For more information on payments in Europe, The European Central Bank has a lot to offer on the topic in an executive summary on the subject.

Payments graph© ECB