It’s a move he hopes will help European payments companies compete with American Visa and Mastercard.
The Council of the European Union adopted a regulation on Monday so that instant payments in euros are fully available 24 hours a day, in a move it hopes will help European companies of payments to compete with the Americans Visa and Mastercard.
The new regulations will allow clientss transfer money denominated in euros in 10 seconds at any timeeven outside business hours, not only within the same country but also to another EU Member State, the EU Council said.
Currently, Payments with existing cards and deposits may take several business days.
The Council added that the new rule will take into account countries not belonging to the eurozone economic bloc.
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“The new rules will improve the strategic autonomy of the economic sector as they will contribute to reducing any excessive dependence on financial institutions and infrastructures of third countries,” the Council of the EU said in a statement.
The EU has been working on reforms to open a payments market long dominated by US banks and companies Visa and Mastercardwhich are now being challenged by the fintech sector that offers competing services using customers’ bank account data.
Source: Ambito
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