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The internal cards market in Europe from 2002 to 2020: A success or a failure?

Author

Listed:
  • Bruggink, Diederik

    (Head of Innovation and Payments, European Savings and Retail Banking Group, Belgium)

Abstract

This article evaluates the history of the internal payment cards market in Europe from 2002 to 2020. It finds that despite such initiatives as EAPS, Monnet and PayFair, the European card industry has failed to create an independent pan-European card scheme. Thus, although Europe enjoys a unified payments market, with well-functioning domestic cards markets, pan-European cards acceptance across the Single Euro Payments Area is entirely reliant on co-branding with international (ie non-European) card schemes. While cards have become the most commonly used cashless payment product in the European internal market, the European payments industry has failed to deliver on policy objectives regarding sovereignty in the European payments market.

Suggested Citation

  • Bruggink, Diederik, 2022. "The internal cards market in Europe from 2002 to 2020: A success or a failure?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 16(3), pages 265-276, October.
    • Handle: RePEc:aza:jpss00:y:2022:v:16:i:3:p:265-276
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    More about this item

    Keywords

    SEPA; internal market; cards; card schemes; European sovereignty in payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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