The euro’s effects on noncash retail payments

Christiane Dorfmeister ()
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Christiane Dorfmeister: Oesterreichische Nationalbank, Equity Interest and Payments Management Division

Monetary Policy & the Economy, 2019, issue 19/Q1-Q2, 113-123

Abstract: A common European currency, while being a milestone for the European Union, was just the first step toward integrated euro payments markets. The Single Euro Payments Area (SEPA) was not born until 2014, when the migration of domestic formats and national infrastructures for credit transfers and direct debits to European technical standards and procedures was completed. While these changes have of course come at a cost for the financial industry, SEPA has definitely had an impact on the efficiency and speed of retail payments, but also on the security of transactions as well as on pricing. Some issues remain to be solved, e.g. SEPA for card transactions or IBAN discrimination. Nevertheless, SEPA migration has been a success – and, in turn, a stepping stone to further innovations, like instant payments.

Date: 2019
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