2012年-CEPS欧洲政策研究中心_One_step_closer_to_harmonised_European_payment_systems_5页_47kb

ECRI Policy Brief Summary: One Step Closer to Harmonised European Payment Systems

Core Content

This policy brief outlines the European Parliament's support for the Payment Services Directive (PSD), which aims to harmonise payment systems across the European Union (EU). The directive is a key part of the Financial Services Action Plan (FSAP), which seeks to integrate financial services in the EU. The PSD is expected to be adopted by the EU Council shortly, following two years of negotiations, and will be implemented by member states by 1 November 2009.

The directive is intended to create a single EU-wide market for electronic payments, particularly credit transfers, direct debits, and card payments. It aims to make cross-border transactions as easy and efficient as domestic ones by establishing a common set of rules applicable to all payment services in the EU.

Main Viewpoints

• Market Fragmentation: The EU currently suffers from fragmented payment systems due to differing national regulations. This leads to price and quality disparities, with some countries having significantly higher fees than others.
• Need for Integration: The PSD is seen as a critical step towards integrating the payments market, which is vital for the EU's economic growth and competitiveness.
• Network Economics: Payment systems are akin to network industries, where cooperation is often necessary for compatibility and efficiency. These features can lead to market concentration and limit competition.
• Competition and Innovation: The directive aims to increase competition and innovation by removing legal barriers and encouraging new entrants, including non-bank institutions.
• Consumer Protection and Transparency: The PSD introduces standardised rights and obligations for both providers and users, aiming to improve transparency and consumer protection.

Key Information

• Total Annual Payment Transactions: €52 trillion in the EU.
• Cost Savings Potential: Estimated to be at least €50 billion annually.
• Market Concentration: The Herfindahl-Hirschmann Index (HHI) indicates significant market concentration in many EU countries, with some reaching over 8,000 points.
• Fee Disparities: Merchant fees in some countries (e.g., Portugal, Czech Republic, Hungary) are up to 2.5% to 3.1%, compared to just 0.75% to 0.5% in Sweden and Finland.
• Card Issuing Profitability: Credit cards have an average profit-to-cost ratio of 65%, while debit cards have a ratio of 47%.
• Non-Bank Providers: The directive includes non-bank payment institutions, which are subject to less stringent capital requirements (€20,000 vs. € million for banks).
• Single European Payments Area (SEPA): The PSD is the legal foundation for SEPA, which aims to allow citizens to make payments in euros within Europe under the same conditions, regardless of national borders.

Challenges and Considerations

• Implementation: While the directive has been approved by the European Parliament, its formal adoption by the EU Council and subsequent implementation by member states remain critical steps.
• Network Effects: These can lead to market concentration, making it difficult for new entrants to gain traction. Regulation must address these issues to ensure a level playing field.
• Switching Costs: High switching costs lock consumers into existing systems, giving incumbents market power and reducing competition.
• Regulatory Differences: Member states are given flexibility in calculating minimum capital requirements for payment institutions, which may lead to inconsistencies.

Conclusion

The Payment Services Directive is a significant milestone in the integration of the EU's payment systems. By promoting competition, reducing costs, and enhancing transparency, the directive aims to create a more efficient and consumer-friendly financial market. However, successful implementation will require careful attention to network economic challenges and regulatory harmonisation. The directive also lays the groundwork for the Single European Payments Area, which is expected to be launched by 1 January 2008.

Authors and Institution

• Authors: Dr. Nicola Jentzsch (Head of Research at ECRI), Pauli Lepisto, and Marc Rothemund.
• Institution: European Credit Research Institute (ECRI), an independent research institution focused on banking and credit in Europe and beyond. It is a legal entity of the Centre for European Policy Studies (CEPS).

Contact Information

• ECRI:
  Place du Congrès 1
  B-1000 Brussels, Belgium
  Tel.: +32-2-2293911
  Fax: +32-2-2194151
  Email: info@ecri.be
  Web: www.ecri.be

• CEPS:
  Centre for European Policy Studies
  [Contact details for CEPS are not provided in the text.]