EU opens e-payment market to IT giants

In recent years, consumers have been paying bills through the internet under the sole control and management of banks. However, such a rule may no longer apply as of 2018, as the e-payment market is now opening its doors for new entrants.

EU member states are currently working on national versions of the EU directive on payment services which aims at developing the internal market for e-payments, simplifying payments between countries similarly to the intra-country payment systems, and opening access to clients’ accounts for companies other than banks. Though experts widely accept new payment methods and ideas to reduce payment fees, questions have arose in the process of execution of the new rules.

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