First developed back in 2019, the aim of the retail payments strategy is to “develop pan-European solutions for payments at the point of interaction (POI), governed at the European level, and to further strengthen the Single Euro Payments Area (SEPA), primarily through the full deployment of instant payments”.
In light of the numerous developments that have affected the European payments ecosystem since 2020, namely the Covid-19 pandemic and the Russia-Ukraine war, the legislation seeks to meet the rising challenges to European sovereignty in the payments market.
