EU Brandishes Regulatory Stick To Hasten Instant Payments Adoption

The market and consumers should be left to decide which payment channels they choose to use, Europe’s representative body for payment institutions has said following hints of regulatory action by the EU’s top financial services official.

EU vice president and commissioner for financial services and the euro Valdis Dombrovsksis said on Tuesday that Brussels would consider a regulatory prod to hasten banks’ adoption of pan-European instant payments solutions such as the Target Instant Payments Settlement (TIPS) service.

The EU wants instant payments within the eurozone to be as common as cash and payment card transactions “within a few years”, Dombrovskis told a fintech conference in Brussels.

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