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European banks expect to spend between €10 and €100 million each to apply the new provisions of the Payment Services Directive, the EU legislative initiative designed to increase competition in the payment sector and facilitate a gradual migration to a non-cash economy, according to a new survey.
LinksDossier: Payment Services Directive: The end of the cash era?
Dealing with the financial crisis and rising fuel and food prices will be the main economic priorities of the French Presidency, France's Economy and Finance Minister Christine Lagarde told MEPs yesterday (15 July).
LinksDossier: The French EU Presidency
From November 2009 new EU rules will allow alternative providers such as mobile phone operators to deliver new payment services alongside banks and credit card firms, paving the way for a more efficient non-cash economy. (read more)
The introduction of a Single Euro Payments Area (SEPA) is set to overhaul the eurozone's payments infrastructure by creating a cross-border network to make using banking services as easy as it is at national level - however, uncertainties over the introduction of the new system remain. (read more)
In the European single market there are still large differences between the national payment systems. (read more)
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