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Other evolutions are being considered to complement the existing framework. In its updated retail payments strategy outlining priorities for 2024 and beyond, the European Central Bank renewed its commitment to further strengthen the “classic” SEPA, enhancing the resilience of retail payments and supporting innovation and digitalization.
Discussions about the digital euro have also started. Although its issuance is still in the early stages of development, it demonstrates the desire for a forward-looking payment system that will require a clear roadmap for the coming years.
Three key trends taking shape
Europe’s payment industry is moving fast, while other countries take a slower speed.
Payment transactions are increasingly shifting toward cashless methods. Tax avoidance is a significant concern that is often enabled by cash payments. To help reduce this threat, European countries are increasingly leaning toward cashless methods; this significantly increases competition in the industry as EU payment players strive to meet consumer priorities.
Contactless culture is gaining traction. Contactless payment transactions are increasing in Europe. In some countries, like Germany, the prominent use of mobile payment marks a real shift from the country’s historical preference for cash payments.
While consumer payment habits vary across the EU, so do the levels of institutional support. For example, several European countries have adopted a national payment strategy to align with key regulatory requirements, while others have not yet devoted the resources.
These trends and strategies will be covered in more detail in the report.
Structure of the report
In Part 1, Deloitte payments experts address the latest regulatory and market developments in EU payments over the past year. This part includes interviews with Deloitte specialists from Luxembourg and Germany as well as other industry experts.
In Part 2, The Payments Association EU takes a closer look at the dynamics that European payment players must contend with in today’s payments landscape. Featuring a regional perspective, it highlights the various players and details a comprehensive analysis of the EU’s various payment environments, noting each Member State’s domestic payment representatives and unveiling several country-specific findings.
For each country, a Deloitte expert provides a keynote analysis of the situation through a local lens.
It is important to note that most European payment players can fit into multiple categories. For example, payment service providers that enjoy a strong presence in their home country, but also have operations in neighboring countries, are included in both the report’s domestic and regional sections.
Source link : https://www.deloitte.com/lu/en/Industries/banking-capital-markets/research/key-players-in-the-eu-payments-landscape.html
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Publish date : 2024-03-21 17:54:00
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