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European Union mulls new rules on payments in challenge to Visa, Mastercard
[BRUSSELS] The European Commission is considering new rules to speed up the take-up of a European instant payment system launched last year by the European Central Bank (ECB), in a direct challenge to card firms and tech giants, like PayPal, a top official said.
The ECB's TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank.
"We are reflecting on whether a stronger regulatory push would be needed to speed up this process," the EU Commission's vice-president in charge of financial services Valdis Dombrovskis told a fintech conference in Brussels.