Sepa to benefit 490 million consumers - MasterCard

Source: MasterCard

MasterCard welcomes the adoption of the Payment Services Directive (PSD) by the European Parliament.

The adoption of the PSD is an important step towards creating a Single Euro Payments Area (SEPA). SEPA will bring improved economies of scale and competition, a reduction in the total cost of payments in the EU, thereby improving the overall competitiveness of the EU.

The aim of SEPA is to allow consumers and businesses to make debit payments throughout the European Economic Area, from a single bank or card account, as easily and safely as if they were making payments in their home country. SEPA will cut costs and increase choice for 490 million consumers.

Javier Perez, President for MasterCard Europe said: "MasterCard is a strong supporter of SEPA and the adoption of the PSD by the European Parliament is good news for all participants as it is removes both the legal barriers and creates a common legal framework to deliver a single payments area across Europe."

"The introduction of SEPA is a clear win for every European consumer, for example the frequent traveller or tourist who makes regular payments in other countries he or she visits. Similarly, European businesses will see the benefits too in terms of reduced administration and quicker payments. These advantages accruing to both the consumer and to business alike will ultimately provide a boost to the wider European economy."

MasterCard is not only a supporter of SEPA, but is in fact a SEPA pioneer. The creation of Maestro by the European banks back in 1992 as the first truly cross-border European debit payments system - was a precursor to SEPA before it became an industry wide supported by Europe's policy makers.

Javier Perez added: "In Europe there is a clear readiness for Maestro as it is already the most widely issued and accepted European card product. It brings cost savings to both the consumer as well as to business. It is truly SEPA compliant product carried by one in two Europeans citizens.

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