Yesterday, Ingenico Group, Nets Group, Nexi, and Worldline announced the launch of an EU advocacy alliance bringing together Europe’s leading independent payment services providers.
The New Alliance's Secret Benefit
The “European Digital Payments Industry Alliance” (EDPIA)’s vision is for Europe to become a global leader in digital payments, to "fuel the completion of the Digital Single Market for the benefit of consumers, businesses and the public sector,” Nets writes.
By creating this alliance, Ingenico Group, Nets Group, Nexi, and Worldline will now be able to engage in EU policy discussions, thereby impacting the EU payments sector.
"By launching the EDPIA, we intend to emphasise our role through constructive dialogue with policymakers and other stakeholders that determine Europe's payments landscape," said Gilles Grapinet, Chairman and CEO of Worldline and the first President of the EDPIA.
Not The Only Ones
Whilst the EDPIA joins an already busy landscape of EU payments trade bodies, it is the only trade body that represents specialised digital payment services providers that are all headquartered in Europe and do not engage directly in banking services.
"As payments specialists, we offer a European perspective, and valuable insights into the payments ecosystem," said Bo Nilsson, CEO of the Nets Group and Vice- President of the EPDIA.
Re-thinking the Ecosystem
The EDPIA states that they believe the payments sector needs a better ecosystem.
As Paolo Bertoluzzo, CEO of Nexi and EDPIA Vice-President explained: "The development of digital payments is a fundamental driver for innovation, modernisation and growth in Europe, with a strong positive social, economic and environmental impact."
Bertoluzzo explained further: "The EDPIA will work with all key stakeholders and policymakers to build a world-class payments ecosystem, boosting digitalization in Europe for the benefit of all European citizens, enterprises and public administrations. This ecosystem certainly includes banks, who are and will remain essential."
SEPA Project Requires Updates
To stimulate a new payments ecosystem, the EDPIA believes the EU should build on the EU's SEPA project, which will allow new technologies like account-to-account payments to thrive, including on a cross-border basis.
Though card payments will remain important in the near future, these new technologies are here to stay and demand is only rising.
Launch Set After COVID19
The EDPIA is looking forward to inviting relevant stakeholders to a physical launch event in Brussels once the COVID19 crisis is over.
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