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The European Payments Initiative: The next big thing in European payments?
Proposals for a European Card Payment Scheme (ECPS) to supplement the existing European Scheme for Credit Transfers and the SEPA Direct Debit Scheme have been under discussion since before the turn of the century. Since 2020, however, progress has entered a new phase, with banks from five European countries announcing the implementation of the European Payments Initiative (EPI). This paper describes what happened to the ECPS prior to the turn of the millennium and how things have developed since then. It then goes on to analyse the challenges the EPI must overcome to become an ECPS, the success of which would bring a degree of European sovereignty over payments.
The full article is available to institutions that have subscribed to the journal.
Ewald Judt is an honorary professor at the Vienna University of Economics and Business, where he is active in both teaching and research. His previous roles include president of the Austrian Association of Financial Marketing and managing director of Eurocard Austria and its successor companies, Europay Austria and PayLife Bank. He has a doctorate in economics and social sciences from the Vienna University of Economics and Business.
Malte Krueger is Professor of Economics at the University of Applied Sciences in Aschaffenburg and a consultant for PaySys Consultancy. He is currently researching cash and cashless payments for the Deutsche Bundesbank. Dr Krueger has also worked as a research fellow for the Bank of Spain, the University of Western Ontario, the University of Durham, the University of Karlsruhe, the University of Applied Sciences in Frankfurt and the European Commission, and his work on payment issues has been published in various academic and industry journals.