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Retail payment strategies: The approach in Portugal compared with the European Commission and the Eurosystem
In November 2020, the Portuguese Payment Systems Forum issued the Portuguese Retail Payments Strategy | Horizon 2022. The strategy has been formulated to support the implementation of secure, efficient and innovative payment solutions, while promoting broad accessibility to retail payment services. As this paper will discuss, the strategy envisions 42 initiatives for stakeholders in the payments market. These initiatives fall under four pillars: (1) ensuring consumers are better informed about the payment instruments available to them; (2) fostering the benefits of digital transformation; (3) contributing to a regulatory framework that promotes innovation and efficiency; and (4) driving the adoption of safer payment solutions. This paper describes key initiatives under these pillars, and reports on how the strategy is progressing towards its goals.
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Rui Pimentel heads a team focused on the analysis of developments in retail payment systems. As a Management graduate, Rui joined Banco de Portugal in 1997, and over the years has worked on several projects, such as the Single Euro Payments Area (SEPA), among others. Rui takes part in several national and international working groups, namely in the context of the ECB/Eurosystem and also at the European Commission, covering SEPA implementation and payments innovation issues. Since 2011 he has also been the representative from Portugal in the European Forum on the Security of Retail Payments. As a result, Rui has been taking regular part in conferences and seminars, as well as in cooperation projects with other Central Banks.