The adoption of the PSD is an important step towards creating a Single
Euro Payments Area (SEPA). SEPA will bring improved economies of scale
and competition, a reduction in the total cost of payments in the EU,
thereby improving the overall competitiveness of the EU.
The aim of SEPA is to allow consumers and businesses to make debit
payments throughout the European Economic Area, from a single bank or
card account, as easily and safely as if they were making payments in
their home country. SEPA will cut costs and increase choice for 490
million consumers.
Javier Perez, President for MasterCard Europe said: “MasterCard is a
strong supporter of SEPA and the adoption of the PSD by the European
Parliament is good news for all participants as it is removes both the
legal barriers and creates a common legal framework to deliver a single
payments area across Europe.”
“The introduction of SEPA is a clear win for every European consumer,
for example the frequent traveller or tourist who makes regular payments
in other countries he or she visits. Similarly, European businesses will
see the benefits too in terms of reduced administration and quicker
payments. These advantages accruing to both the consumer and to business
alike will ultimately provide a boost to the wider European economy.”
MasterCard is not only a supporter of SEPA, but is in fact a SEPA
pioneer. The creation of Maestro by the European banks back in 1992 as
the first truly cross-border European debit payments system – was a
precursor to SEPA before it became an industry wide supported by
Europe’s policy makers.
Javier Perez added: “In Europe there is a clear readiness for Maestro as
it is already the most widely issued and accepted European card product.
It brings cost savings to both the consumer as well as to business. It
is truly SEPA compliant product carried by one in two Europeans citizens.
