LONDON : The European Union on Wednesday proposed injecting more competition into the payments sector, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes.The package of European Commission reforms, which update decade-old rules, seek to prise open a
LONDON : The European Union on Wednesday proposed injecting more competition into the payments sector, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes.
"In practice, this proposal will lead to more innovative financial products and services for users and it will stimulate competition in the financial sector," the Commission said in a statement.The reforms aim to make it harder for banks to stop fintechs from opening an account with them, and give fintechs access to payments infrastructure in the same way as banks.
Electronic payments in the EU has grown from 184.2 trillion euros in 2017 to 240 trillion euros in 2021, accelerated by COVID-19. The legal basis for banks and other payment firms to share information without falling foul of EU data protection rules is also being made clearer to reinforce the sector's collective capacity to tackle scams, the EU official said.
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