IMGCAP(1)]
European central banks on Friday released what they called "expectations" relating to the ongoing establishment of a common market for electronic payments. The paper, released by Eurosystem, which consists of the European Central Bank and 16 national central banks from euro-using countries, addresses progress toward the Single Euro Payments Area. Eurosystem calls upon card-accepting retailers to "consider whether the card scheme and acquirers with whom they are contracting follow the SEPA framework for cards," according to a statement from the group. Eurosystem also urges retailers to move toward chip-and-PIN systems in which consumers use chip cards and personal identification numbers to authorize transactions at the point of sale, thereby reducing fraud. The "expectations," which also cover direct debits and credit transfers, are not formal requirements backed by the force of law.
