Banking industry shares its vision on EU payment market in 5 years

The organizations consider the strategic value the payments market presents, as long as, and the urgent need for action

EU payment market

Banking industry shares its vision on EU payment market in 5 years. Source: shutterstock.com

The European Banking Federation, the European Association of Cooperative Banks and the European Savings and Retail Banking Group have put together their thoughts on the payment market development for 5 years.

According to the statement, European decision-makers have been mostly focused on the geopolitical success of payments during 2019. They believed that European political impact can help grow the euro’s international role and strengthen European sovereignty towards global competitors.

Besides, three groups believe in the necessity of a coherent strategy on an integrated and competitive EU payments market. The reason for that is the industry faces challenges on the road to world-class European payment solutions.

The European payments landscape is at a crossroads. Payments are the bloodline of the European economy and are thus important for the sovereignty of the European Union. For an ambitious and unprecedented shared vision to materialize, an extensive investment from the banking sector is required but also unprecedented and concrete support from public authorities will be needed
Paper by the European Association of Co-operative Banks (EACB), the European Banking Federation (EBF) and the European Savings and Retail Banking Group (ESBG)

The report says that the key success factor is a long-term sustainable business model that is beneficial to all stakeholders. Furthermore, it should enable banks to finance the considerable investments to set-up new payment solutions.

The organizations also believe that the relevant public authorities should provide help to the market players in finding the appropriate tools to create a strong business model.

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