The Green Paper consultation adopted by the Commission seeks the views of stakeholders on how to create a secure and transparent integrated payments environment throughout the EU which could create more efficient, modern and safer means of payments. The deadline for submitting contributions to the consultation is 11 April 2012.

The European Commission launched a public consultation based on the Green Paper recently adopted in which analyses the obstacles that hinder European market integration in these promising payment technologies. The Commission seeks with this consultation gathering stakeholders views on how breaking down barriers to secure and innovative card, internet and mobile payments. This consultation is launched taking into account the Single Euro Payments Area (SEPA).

The main issues identified in the Green Paper concern market access and entry for existing and new service providers, payment security and data protection, transparent and efficient pricing of payment services, technical standardisation, and inter-operability between service providers. An additional crucial issue, according to the paper, is the one of proper governance. In other words, how can the remedies for the obstacles identified be best put in place so as to ensure that the benefits materialise in a reasonable time frame.

Overall, this Green Paper assesses the current landscape of card, internet and mobile payments in Europe, identifies the gaps between the current situation and the vision of a fully integrated payments market and the barriers which have created these gaps. With the launching of this consultation, the Commission starts a process with stakeholders to validate or contribute to the Commission’s analysis and to help identify the right way to improve market integration.