Retail payments
Retail payments are typically payments between consumers, businesses and public authorities. They tend to be everyday consumer transactions but also include salary payments, for example.
The most common payment instruments in the euro area are cards, credit transfers, direct debits and cash. Most non-cash payments are made electronically using payment cards, online/mobile banking and payment apps.
Single Euro Payments Area (SEPA)
The Single Euro Payments Area (SEPA) harmonises the way cashless euro payments are made across Europe by removing the technical, legal and market barriers between European countries.
Read more about SEPAInstant payments
The creation of SEPA provided a solid basis forfurther innovationanddevelopment. In a digital world where goods and services are often available at the click of a button, promoting the development and use of instant payments in the European market was a logical step.
Read more about instant paymentsRole of the ECB
As part of its mandate, the ECB is responsible for promoting the smooth operation of payment systems. It acts as a catalyst by guiding and encouraging the payment services industry to develop safe and efficient payment solutions for the euro area.
Read more about the ECB as a catalystEurosystem retail payments strategy
The Eurosystem has put in place a retail payments strategy to improve retail payments within and beyond the euro area and to strengthen the European payments market. Its main goals are to develop pan-European solutions for payments at the point of interaction and to further strengthen SEPA.
Read more about the Eurosystem’s retail payments strategyMarket contact groups
The Eurosystem market contact groups play a key role in supporting integration and innovation in payments across Europe. They also provide a platform for discussing market developments that affect payments.
Read more about the market contact groups