Payment Cards in the European Union

Financial markets are pivotal for the functioning of modern economies. The more they are integrated, the more efficient the allocation of economic resources and economic performance will be. Facilitating and encouraging the widespread use of electronic payment cards would greatly enhance the EU as a single market.

The following questions have been addressed in this article:

How do payment cards work?
What is the “European Payments Council” and what are their views regarding the use of electronic payments instead of cash?
How can EU consumers be protected from fraudulent and unauthorized use of their payment cards?
What EU legal provisions deal with electronic payment services?

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