European Commission discusses the influence of culture on the incorporation of SEPA into European payment systems
SEPA (Single Euro Payments Area), which refers to the European Union’s payment integration plan for a standardization and simplification of bank transfers across Europe, is, according to the European Commission, being inhibited by cultural differences across the continent.
This is illustrated by the commission with a comparison between the United Kingdom and Italy.
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The UK uses more payment cards and is, according to a “payment readiness” index, created by MasterCard, a promising experimental point for mobile payment. Italy, on the other hand, is still comfortably using cash and according to the index: “Consumers will require significant education and marketing efforts to raise both their awareness of and willingness to use the technology.”
It is, however, estimated that a leveling process will happen in Europe and according to Wijnand Jongen, the executive committee chairman of Ecommerce Europe, “Over the next five-to-ten years, e-commerce will be immersed in every part of life, consumers will adapt, and this adaptation is exponential.”