LONDON :The European Union on Wednesday proposed making the payments sector more competitive, 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 seeks to further prise open a payments market long dominated by b
LONDON :The European Union on Wednesday proposed making the payments sector more competitive, 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," 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 easier access to customer data and to payments infrastructure.
Electronic payments in the EU have grown from 184.2 trillion euros in 2017 to 240 trillion euros in 2021, a process accelerated by COVID-19. To reinforce the sector's collective capacity to tackle scams, the legal basis for banks and other payment firms to share information without breaking data protection rules is also being made clearer, the EU official said.
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