Launch of a new EU trade body - The European Digital Payments Industry Alliance

On 7 May 2020 Ingenico Group, Nets, Nexi, and Worldline announced the launch of an EU advocacy alliance bringing together Europe’s leading independent payment services providers. New advocacy alliance is called the European Digital Payments Industry Alliance (EDPIA). The organization will engage in policy debates improving the EU and world-wide payment sector by pushing instant, secure and frictionless payments closer to customers, business and public bodies.

The primary goal of the organization is to make Europe a global leader in digital payments, thus completing the Digital Single Market. The EDPIA emphasis role through constructive dialogue with policymakers and other stakeholders that determine Europe's payments landscape. It believes in a strong and properly enforced European policy framework that enables intense competition between transparent and market-based solutions that compete for trust of payment services users.

New EU payment trade body is the only trade body that represents particular digital payment services providers that are based in Europe and do not get involved directly in banking services. Europe has a wealth of world-class payments institutions which have become strongholds of Europe’s fintech environment Based on member experience EDPIA would offer European perspective and valuable insights payments service providers industry. EDPIA would help demystifying payment service provider industry and offer European society a better understanding of what is behind the payments terminals and online payments engines it uses daily.

One of the EDPIA’s strongest believe is that the payments sector needs a better ecosystem, and improvement of digital payment is a source for modification, innovation and overall growth in Europe. At the end such improvements could have a huge and positive social, economic and environmental impact. EDPIA’s vice president and, CEO of Nexi Paolo Bertoluzzo explained: “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."

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 future, these new technologies bring welcome diversity.

EDPIA announced that as the health crisis unfolds, cashless and contactless payments are developing stronger than ever as they foster safety for customers and merchants. As world makes the way out of COVID-19 crisis, payments will be crucial to Europe’s recovery. The proven reliability and flawless availability of payments infrastructure during the unprecedented COVID-19 crisis is a good reminder of the critical importance for our society of the European digital payment industry.

Also, the EDPIA is looking forward to inviting relevant stakeholders to a physical launch event in Brussels once the COVID-19 crisis is over.

In order to support and give a contribution to payment ecosystem and industry, Offshorelicense team would gladly assist our clients to establish their own payment institutions throughout Europe and find best possible solution according to our client’s interests.

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