European Commission takes step towards creating Single Payment Area

02 December 2003
The European Commission has published a consultation paper as a step towards creating a "Single Payment Area" in the EU, which will make it easier to make cross-border payments by credit card, payment card, or electronic bank transfer.

Internal Market Commissioner Frits Bolkestein said: 'A Single Payments Area will mean lower costs for payments, an end to unnecessary delays and much greater certainty over security and legal responsibility.'