Retail payment services in the EU - the Citizen's right to choose?
Irish liberal MEP Marian Harkin organized on the 8th of November, 2011 a hearing in the European Parliament about the framework about retail payment services in the EU with the attendance of EU decision makers, representatives of financial institutions and NGOs. MEP Csaba Sógor also attended the event.
- The multiple waves of the financial crisis represent a crossroad in the development of the framework about consumer and retail payment services. Even so, consumers still have little insight into the services provided to them, the real prices of some payment methods or the benefits of the different methods. Moreover, there are huge differences in the level of insight into the accessibility and transparency of these services between Eastern and Western part of Europe, or even within some member states – said the Hungarian MEP from Transylvania with regard to the troublesome statistics.
For example, only 10% of Irish citizens are not bank card holders. This ratio reaches up to 60-70% in some new member states. The European Foundation for Financial Inclusion (EUFFI) tries to ensure that European citizens have security and real choices by urging for transparency and supporting payments through bank transfers.
The organization has pointed out the anomalies in financial transfer markets in some member states: costs and fees are sometimes fifty times higher in the poorer member states than in states of the Euro zone, regardless of the exchange rate. Also, the value date is too far from the settlement date. All these facts infringe the interests of the consumers.
- There are differences between the regions of the EU in the retail payment services as well, but there is one common thing: the interests of the citizens must always be made the priority and freedom of choice must be guaranteed, so that no one is compelled to use a bank card against their will – said Csaba Sógor.
