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The European Payments Initiative: The next big thing in European payments?

Author

Listed:
  • Judt, Ewald

    (Honorary Professor, Vienna University of Economics and Business, Austria)

  • Krueger, Malte

    (University of Applied Sciences Aschaffenburg, Germany)

Abstract

Proposals for a European Card Payment Scheme (ECPS) to supplement the existing European Scheme for Credit Transfers and the SEPA Direct Debit Scheme have been under discussion since before the turn of the century. Since 2020, however, progress has entered a new phase, with banks from five European countries announcing the implementation of the European Payments Initiative (EPI). This paper describes what happened to the ECPS prior to the turn of the millennium and how things have developed since then. It then goes on to analyse the challenges the EPI must overcome to become an ECPS, the success of which would bring a degree of European sovereignty over payments.

Suggested Citation

  • Judt, Ewald & Krueger, Malte, 2021. "The European Payments Initiative: The next big thing in European payments?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(3), pages 319-331, September.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:3:p:319-331
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    More about this item

    Keywords

    acquiring; card payments; mobile payments; internet payments; European payment scheme; instant payments; payment scheme; payment service provider;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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