As the European Payments Council publishes its payment scheme frameworks with a view to creating a Single Euro Payments Area, the prospect of an integrated payments market for Europe draws ever near, according to a new report from Datamonitor.
This report examines the implications that the new initiative will have on the European payments card market, including Europe’s numerous domestic debt schemes.
“All cards issued in the eurozone will have to be accepted across it. This will push domestic brands such as Ireland’s Laser, Denmark’s Dankort and Finland’s Pankkikoritti to form international alliances or co-brand with international associations such as MasterCard and Visa,” says Helen Smith, Datamonitor Financial Services analyst and author of the report.
“Furthermore, these international card associations will have their revenues eaten into as this framework will mean that banks will be able to run ‘international on-us’ transactions across their own networks.”