The Future of Retail Payments in the EU
EU payment markets have dramatically evolved in the last few decades. Having initially only relied on cash, payments have seen the introduction of credit and debit cards, and over the last decade numerous digital and mobile payment options. Supported by the digital transformation, in combination with regulatory and technology developments, banks, third-party providers and technical service providers have developed new ways to make in-store payments, online and P2P. These evolutions have also required legislative initiatives, to limit fraudulent activities and ensure consumer protection.
The European Commission has prioritised innovation and integration as the key goals at the heart of the Retail Payments Strategy, focusing on consumers, and on consumer protection, with concerns also on financial literacy and how it can and should play a key role, as a complement to consumer protection. The level of financial and digital literacy in the EU is low, and it's even lower among certain groups: young people, women, and older age groups. The ECB retail payments strategy also promotes European retail payment solutions that are safe and efficient for society as a whole, and it aims to meet the rising challenges to European sovereignty in the payments market. In addition, the ECB has started working on the digital euro project, which aims to develop a new retail payment method parallel to traditional money and to electronic and digital private payments methods, that can function as a digital cash option.
A TASK FORCE
CEPS, and its ‘sister’ organisation ECRI, have been monitoring payment developments and analysing payment related EU policies for the last two decades. CEPS and ECRI are launching a Task Force to debate the perspectives, trends and implications on European Retail Payments going forward. It will meet in hybrid format at least five times on the basis of the agenda below. Post-meeting reports will be prepared and circulated. Based on these discussions and its own independent research, CEPS and ECRI will publish a final report drafted by the Rapporteurs, summarising the outcome of discussions. Members of the Task Force will be given the chance to comment on a draft of the report. The final report will be presented at a public event at CEPS.
MEMBERS
The Chair of the task force will be Madalena Cascais Tomé, CEO of SIBS Group.
The Rapporteurs (CEPS and ECRI staff) will organise the meetings, conduct research independently and draft the final report:
- Judith Arnal, Senior Research Fellow, CEPS, ECRI, and Real Instituto Elcano
- Fredrik Andersson, Researcher, CEPS and ECRI
- Beatriz Pozo Pérez, Financial Markets and Institutions Unit Coordinator, CEPS
The Task Force Members – a group of stakeholders: prominent industry representatives and observers (e.g., policymakers, regulators, supervisory authorities, consumer associations) – will steer the research agenda of the meetings and actively participate at the discussion, together with the chair. The members will also review the final report and comment on the list of recommendations.
AGENDA
- First meeting: 27 September 2024 – Introduction and stocktake of the European payments market
- Second meeting: 25 October 2024 – Strategic autonomy and competition in the payments market
- Third meeting: 29 November 2024 – Digitalisation, innovation, and data
- Fourth meeting: 11 December 2024 – Consumer protection, fraud prevention and data sharing
- Fifth meeting: 24 January 2025 – Task Force recommendations
HOW TO BECOME A MEMBER?
To find more information about the objectives and functioning of the Task Force, please read the brochure below. To express your interest, please fill the registration form below and send it to alice.orlandini@ceps.eu.
