"The Green Paper demonstrates that in 2012 the integration of the Euro payments market will enter a new and decisive phase", said Gerard Hartsink, Chairman of the European Payments Council.
With the Green Paper, the EC aims to create 'a payments market through electronic and mobile payments'. But John Worthy, Partner at Field Fisher Waterhouse, wonders what the value of this statement is: "The level of attention in the Green Paper to existing card based payments leaves open the question how far the Commission is giving equal weight to electronic and mobile payments". Hartsink also warned that "promoting EU integration is not for the faint hearted and requires focus on the long-term objectives".
The main issues the Green Paper addresses are market access (for existing and new payment providers), security and data protection concerns, interoperability issues and transparency of payment service prices.
|A number of big players|
Worthy also thinks full market integration will be a challenge since "many existing and aspiring players in e-payments and m-payments markets come from different ecosystems from traditional payments providers".
Michiel Willems © 2012 CP Publishing Ltd. London, UK. Pictures EU / Simonwhatley.co.uk