Further Information
Payments
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Policies & Issues: Payments
SINGLE EUROPEAN PAYMENT AREA (SEPA)
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SEPA is a project of the European Banks. The aim is to harmonise bank systems throughout the Eurozone so as to make cross border payments easier and eventually to facilitate Eurozone banking from a single account in any one country.
In theory SEPA should lead to:
- Increased choice, convenience and a better price for users
- Increased transparency
- Increased competition between payment providers
- Consistency
- Business opportunities for innovative players
However, in practice however it is apparent that the introduction of SEPA could lead to the replacement of efficient and national debit systems by expensive Mastercard and Visa debit schemes.
It's a familiar story; the BRC agrees with the overall aim of the SEPA but not the way will be introduced which will increase retailer costs substantially. The Retail Payments PAG continues to monitor the situation and advise its members of developments. Our Brussels' office ensures that our members' views are represented locally.
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