EU plan to account for mobile payments may not help consumers
A European Commission proposal to change how the payments industry is regulated will alter the payment processing landscape but may not help consumers, according to the Out-Law legal blog.
The Commission has proposed a maximum interchange fee that banks can charge retailers to process certain credit and debit card transactions, along with a revised payment directive that covers new types of payments services — for example, those that would be found in a mobile wallet — in an effort to ensure a level playing field.
The Commission wants to increase competitiveness in the European Union payment sector, the blog said, while promoting innovation in electronic and mobile payments. But the plan has flaws and is moving on an unrealistic timeline, according to the blog.
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