{"id":1958937,"date":"2023-06-28T07:18:02","date_gmt":"2023-06-28T11:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/eu-proposes-payments-sector-shake-up-legal-backing-for-digital-euro\/"},"modified":"2023-06-28T07:20:58","modified_gmt":"2023-06-28T11:20:58","slug":"eu-proposes-payments-sector-shake-up-legal-backing-for-digital-euro","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/eu-proposes-payments-sector-shake-up-legal-backing-for-digital-euro\/","title":{"rendered":"EU proposes shake-up of payments sector, legalizes digital euro."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feu-proposes-payments-sector-shake-up-legal-backing-for-digital-euro%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1958937&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>EU Proposes Reforms to Boost Competition in Payments Sector<\/h2>\n<p>By Huw Jones<\/p>\n<p>LONDON (Reuters) \u2013 The European Union on Wednesday proposed injecting more competition into the payments sector, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The package of European Commission reforms, which update decade-old rules, seek to prise open a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/eu-proposes-payments-sector-shake-up-legal-backing-for-digital-euro\/\" title=\"EU proposes shake-up of payments sector, legalizes digital euro.\">payments market long dominated<\/a> by banks and U.S. duo Visa and Mastercard that are now being challenged by \u2018fintechs\u2019 offering rival services.<\/p>\n<p>\u201cIn practice, this proposal will lead to more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/christian-whiton-feds-regulate-cryptocurrencies-because-they-hate-competition\/\" title=\"Christian Whiton: Feds Regulate Cryptocurrencies Because They Hate Competition\">innovative financial products<\/a> and services for users and it will stimulate competition in the financial sector,\u201d the Commission said in a statement.<\/p>\n<p>EU states and the European Parliament have the final say on the package, with some changes likely.<\/p>\n<p>The reforms aim to make it harder for banks to stop fintechs from opening an account with them, and give fintechs access to payments infrastructure in the same way as banks.<\/p>\n<p>\u201cWe are going to clearly identify the obstacles that the fintechs should never have been encountering,\u201d an EU official said.<\/p>\n<p>Electronic payments in the EU has grown from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in 2021, accelerated by COVID-19.<\/p>\n<p>Protections on data would be strengthened to encourage consumers to use rival services, with redress for unauthorised transactions such as \u201cspoofing\u201d or fraudsters pretending to be a customer\u2019s bank.<\/p>\n<p>The legal basis for banks and other payment firms to share information without falling foul of EU data protection rules is also being made clearer to reinforce the sector\u2019s collective capacity to tackle scams, the EU official said.<\/p>\n<p>The European Central Bank is due in October to decide whether to push ahead with a digital euro. The rules proposed on Wednesday would make it legal tender, meaning it would have to be accepted as a form of payment.<\/p>\n<p>As more consumers switch to contactless forms of payments, Wednesday\u2019s package also proposes to formally make euro notes and coins legal tender in a bid to avoid people without bank accounts or having difficulty making <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gabriella-hoffman-high-esg-scores-foreshadow-economic-decline\/\" title=\"Gabriella Hoffman: High ESG Scores Foreshadow Economic Decline\">electronic payments<\/a> being excluded.<\/p>\n<p>($1 = 0.9132 euros)<\/p>\n<\/p>\n<p> (Reporting by Huw Jones)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/eu-proposes-payments-sector\/attachment\/european-flags-fly-outside-the-european-commission-headquarters-in-brussels\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other News:<\/h3>\n<ul>\n<li>The Federal Reserve presents its semi-annual Monetary Policy Report.<\/li>\n<li>Sweden and Turkey prepare for a meeting to discuss Turkey\u2019s objections to Sweden\u2019s membership in NATO.<\/li>\n<li>Republican strategist Roger Stone joined One America\u2019s Stella Escobedo to talk Donald Trump, media censorship of Robert F. Kennedy Jr., Durham report and much more.<\/li>\n<li>The U.S. Supreme Court issued a major ruling in Moore v. Harper. It\u2019s a case from North Carolina dealing with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/scotus-makes-ruling-in-moore-v-harper\/\" title=\"SCOTUS decides Moore V. Harper case.\">congressional election maps<\/a>.<\/li>\n<li>SYDNEY (Reuters) \u2013 Australia should phase out advertising for online gambling in three years, a parliamentary committee of inquiry recommended on Wednesday.<\/li>\n<li>(Reuters) \u2013 German business software maker SAP sees huge growth potential in generative AI technology, Chief Executive Officer Christian Klein told the\u2026<\/li>\n<li>(Reuters) &#8211; Alphabet-owned Google on Tuesday said it is cutting jobs at mapping app Waze as it merges the app\u2019s advertising system with\u2026<\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The EU aims to introduce more competition in the payments sector, legalize a digital euro, and maintain the importance of cash as fewer individuals rely on physical currency. These reforms, proposed by the European Commission, aim to modernize existing regulations and promote innovation in the industry.<\/p>\n","protected":false},"author":66,"featured_media":1958938,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1958937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1958937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1958937"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1958937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1958938"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1958937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1958937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1958937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}