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Retailers cautiously welcome the new European payment initiative

EuroCommerce Director-General Christian Verschueren today welcomed the official launch of the new European Payment Initiative (EPI) consortium, to create a new unified payment scheme and solution, allow them to process instant or mobile payments, and set an alternative by-pass the major non-European card schemes.

“A new, fully European, payment scheme, independent of Visa and Mastercard, has been needed for many years in order to provide real competition. This is increasingly important now that merchants are seeing further increases in costs which are not regulated and by the reluctance of the Commission to expand the scope of the current Interchange Fee Regulation to address them. This initiative is therefore most welcome. However, at least four previous initiatives have all failed; this one will as well, if merchants, who are key to its success, are not full participants in the final solution being proposed.”

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"The Narratives"

EuroCommerce Narrative on Retail and Wholesale in a changing world…

The world is changing rapidly. Retailers and wholesalers have repeatedly shown how resilient and adaptive they are, and are moving ahead with embracing this change, providing value to customers, suppliers, and society at large. This great story is worth telling – both to the sector and to the wider world. And the story needs to say clearly what we want from the EU and from national governments to make our sector sustainably competitive.

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"The Narratives"