'Security of online payments, protection of customers must be guaranteed' - Mizzi

Labour MEP Marlene Mizzi has expressed her support for the new EU rules on payment services which, in her view, are a vital step towards the creation of an EU-wide single market for payments.

The revised rules will widen consumer choice, reduce costs and improve safety and security for electronic payments while simultaneously stimulate competition and innovation in the internal market, said Mizzi , whilst speaking during the debate in the European Parliament in Strasbourg, on payment services in the internal market. 

After two long years of negotiations the new EU rules on payment services will be formally agreed and voted upon by the European Parliament on Thursday.

Payment services are essential and unavoidable in consumers' everyday lives but despite this, the current legislative framework on payments still remains fragmented and extremely expensive not only for consumers but also for business and for the economy as a whole. Back in 2013, the European Commission proposed a revision of the current legislation, namely with the proposal for a Directive on payment services in the internal market.

"The new Directive together with the Regulation on capping interchange fees would make a huge difference in our lives as it will finally adapt payment services to the new market developments, improve consumer rights and reinforce consumer protection against fraud, possible abuses and payment incidents. Therefore, I strongly support such measures which will benefit consumers and businesses alike," commented Mizzi shortly before the vote in the European Parliament.

 The revised text will ensure higher security, protection and transparency for consumers by updating rules in a wide range of related areas, such as refund rights, payment service charges and banning merchants from applying surcharge fees to customers.

"When it comes to our money and payments, we all want to be safe, protected and have easy remedies if things go wrong. However, many have experienced problems with payments' fraud and scams, as well as lack of information and access to redress when problems arise.

"Therefore, EU rules need to ensure that payment services are secure, affordable, and accessible to all, as well as an easy, transparent redress mechanism so that consumers and businesses can benefit fully from the internal market," said Mizzi.