The EC has launched a public consultation on instant payments. The broad aims of the consultation are to identify obstacles to the availability and use of instant payments and to inform the EC on possible future action to ensure that a critical mass of EU public service providers (PSPs) can offer instant credit transfers. Stakeholders, including payment service users and PSPs are invited to submit their comments by 23 June 2021.

The consultation follows from the EU Retail Payments Strategy, adopted September 2020 confirming the EU’s goal of fostering the full take up of instant payments in the EU.

Following prior consultation with the Cabinet of EU Financial Services Commissioner, Mairead McGuinness, the  European Retail Financial Forum (ERFF) hosted a workshop on 18th March on ‘Financial Literacy – empowering consumers to invest wisely for their futures’. National and EU consumer organisations, EU policymakers and ERFF members discussed a range of issues and best practices in the context of COVID-19, the ‘green and digital’ recovery and the future EU policy agenda including a feasibility study on a potential EU Financial Competency Framework (due Q22021), the future EU Retail Investment Strategy (due mid 2022) and the review of the Consumer Credit Directive.

For more information about the workshop and ERFF, managed by Passerelle, please contact us at here.

For more information about EJSF, please contact the secretariat here.