Payments are an essential part of the shopping experience of our customers when visiting our stores, apps and web shops. Yet it is perceived as complex and costly, however in recent years Payments have become a great way of making the life of customers easier and generate insights to support that. In our activities around Payments, we strive to find the balance between customer experience and overall payment costs in an end-to-end approach.
Historically, we have been very vocal and successful in ensuring our payment needs and concerns are heard by the EU institutions, consumer organisations and stakeholders from the payment industry. This contributed for instance to the Interchange Fee Regulation in 2015 and to the creation of the ECSG (now EPSG – European Payments Stakeholder Group).
Through the Payments Committee, our members steer the direction of our Payments activities. Where applicable, we set up working groups for specific topics. EuroCommerce is represented in many Payments related bodies and activities, such as: Euro Retail Payments Board (ERPB), Payment Systems Market Expert Group (PSMEG), European Payment Council (EPC) and EPSG.
Our payment-related activities focus on 3 key topics:
- Costs of payments, including that of cash. We see a significant upward trend in the average cost of payments and are fighting hard to keep payments at affordable, convenient and safe levels.
- Developments in legislation and regulation. Over 20 pieces of EU legislation impact payments. Our members struggle to keep an overview and we call on legislators for more coherence and equal application across the single market.
- Innovation. Our members share and participate in initiatives for future payment offers to ensure our views are considered in the design and future operation.