With the Sepa journey seemingly nearing an end thanks to the recent decision to finally set migration deadlines, the EC says that the project should now be used as a springboard to create a competitive and innovative payment market through electronic and mobile payments.

The commission says that building this secure and transparent integrated environment throughout the EU could create more efficient, modern and safer means of payments - benefiting consumers, merchants and providers.

In a bid to achieve this, a green paper has been put together assessing the current landscape of card, Internet and mobile payments in Europe, identifying "the gaps between the current situation and the vision of a fully integrated payments market and the barriers which have created these gaps".

The main issues identified in the paper and on which the Commission is seeking views are:

• Market access and entry for existing and new service providers
• Payment security and data protection
• Transparent and efficient pricing of payment services
• Technical standardisation
• Inter-operability between service providers

The paper kicks off a four month consultation period, with interested parties given until 11 April 2012 to submit contributions. A decision on the "next steps" will then be made before the summer.

Internal market and services commissioner Michel Barnier says: "Europe has an opportunity to be at the cutting edge of what 'making a payment' could mean in the future. However, we will not be able to reach this goal with the current level of market fragmentation. Secure, efficient, competitive and innovative electronic payments are crucial for consumers, retailers and companies to fully enjoy the benefits of the Single Market as well as to drive the growth of e-commerce."

Read the green paper here: