Europe

Post SEPA, Euro Board To Focus On Innovative Mobile Payments

The newly convened Euro Retail Payments Board (ERPB) is getting ready to create to working groups. The group’s area of study will be the role of mobile and 'innovative' payments methods. This will follow on the heels of the Eurzone's SEPA migration.

During their inaugural meeting, the ERPB immediately agreed to the creation of the two working groups and commissioned the preparation of draft mandates for future groups on "mobile payments and innovative payments" working groups. The board also agreed to stock-taking exercises implementation of payment cards standardization

The European Central Bank created the ERPB at the end of 2013, with a mandate to oversee the integration of the bloc's retail payments market in a post-SEPA market. The Board is composed of seven representatives consumers, retailers, corporations and other "demand side" entities, as well as seven from the supply side representatives from banks and payment and e-money institutions. The hope is to achieve bilateral success moving forward.

The inaugural meeting closed with a call for all stakeholders to complete their preparations and their migration to SEPA payment instruments "as early as possible and before the deadline," reports Finextra.

The board will also devise a plan on dealing with the practical implementation issues at its next meeting.

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