European Payment Giants Join to Form an Industry Alliance
- The body will try to influence the EU laws for the payments industry.
Four European Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processors - Ingenico Group, Nets, Nexi, and Worldline - joined forces to launch an EU advocacy called the European Digital Payments Industry Alliance (EDPIA).
Announced on Thursday, the body will engage in policy discussions impacting the EU payments sector and also push to bring instant, secure and frictionless payments closer to EU citizens, businesses, and public bodies.
The primary aim of the trade body is to make Europe a global leader in digital payments, thus completing the Digital Single Market.
“The EDPIA will give a voice to the incredible technology and engineering behind Europe’s payments industry,” Gilles Grapinet, chairman and CEO of Worldline, said. “Europe has a wealth of world-class payments firms which have become strongholds of Europe’s Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term environment. We want to help demystifying our industry and offer European society a better understanding of what is behind the payments terminals and online payments engines it uses daily.”
Encouraging transparency in payments
The EDPIA will be inclined towards enforcing the European policy framework that allows intense competition between transparent and market-based solutions.
The announcement also pointed out that the EDPIA is the only trade body that represents specialized Europe-headquartered digital payment services providers that do not engage directly in banking services.
The body also believes that the EU should build a payments ecosystem on the SEPA project, which will boost account-to-account payments.
“As payments specialists, we offer a European perspective, and valuable insights into the payments ecosystem. Alongside our work with banking communities and other financial institutions, we want to empower retailers to fully embrace secure and efficient digital payments solutions. Together, we can enable businesses to reap the benefits of digitization providing further growth across industries in Europe,” Bo Nilsson, CEO of Nets Group and vice president of the EDPIA, said.
“As this health crisis unfolds, cashless and contactless payments are developing stronger than ever as they foster safety for customers and merchants,” Nicolas Huss, CEO of Ingenico Group and vice president of the EDPIA, added. “As we make our way out of this crisis, payments will be crucial to Europe’s recovery. Through EDPIA, Europe’s key industry players are committing to make sure digital payments become a building block for a better, stronger European project.”
Four European Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processors - Ingenico Group, Nets, Nexi, and Worldline - joined forces to launch an EU advocacy called the European Digital Payments Industry Alliance (EDPIA).
Announced on Thursday, the body will engage in policy discussions impacting the EU payments sector and also push to bring instant, secure and frictionless payments closer to EU citizens, businesses, and public bodies.
The primary aim of the trade body is to make Europe a global leader in digital payments, thus completing the Digital Single Market.
“The EDPIA will give a voice to the incredible technology and engineering behind Europe’s payments industry,” Gilles Grapinet, chairman and CEO of Worldline, said. “Europe has a wealth of world-class payments firms which have become strongholds of Europe’s Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term environment. We want to help demystifying our industry and offer European society a better understanding of what is behind the payments terminals and online payments engines it uses daily.”
Encouraging transparency in payments
The EDPIA will be inclined towards enforcing the European policy framework that allows intense competition between transparent and market-based solutions.
The announcement also pointed out that the EDPIA is the only trade body that represents specialized Europe-headquartered digital payment services providers that do not engage directly in banking services.
The body also believes that the EU should build a payments ecosystem on the SEPA project, which will boost account-to-account payments.
“As payments specialists, we offer a European perspective, and valuable insights into the payments ecosystem. Alongside our work with banking communities and other financial institutions, we want to empower retailers to fully embrace secure and efficient digital payments solutions. Together, we can enable businesses to reap the benefits of digitization providing further growth across industries in Europe,” Bo Nilsson, CEO of Nets Group and vice president of the EDPIA, said.
“As this health crisis unfolds, cashless and contactless payments are developing stronger than ever as they foster safety for customers and merchants,” Nicolas Huss, CEO of Ingenico Group and vice president of the EDPIA, added. “As we make our way out of this crisis, payments will be crucial to Europe’s recovery. Through EDPIA, Europe’s key industry players are committing to make sure digital payments become a building block for a better, stronger European project.”