Europe’s largest payment providers have joined forces to ask authorities for a harmonised 18-month transition period before enforcing new security rules for online card payments.
In a letter sent to the European Commission and European Banking Authority (EBA), a collection of card schemes, acquirers, processors, retailers and other industry participants argued EU-wide consistency is essential “to maintain market stability”.
“We believe the payment ecosystem needs a transition period of at least 18 months and perhaps longer for certain sectors and in clearly defined use cases,” it said, adding that peak trading periods should also be taken into account.
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