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06-18-2008 / Provisional opinion |
On June 18 2008 the Netherlands Competition Authority (NMa) presents its vision document on the introduction of the ‘Single Euro Payments Area‘ (SEPA): Eén betaalmarkt: meer concurrentie? (A single payment market: more competition?). On the basis of an extensive market consultation the NMa predicts risks in the run-up to a single European payment market, which could restrict competition. The demand from consumers and shop owners should be a guiding principle for the course of this transitional period. Now, however, mainly banks – as providers of payment products – are putting their stamp on this phase. “In doing so the parties involved are sending out the wrong signal by speculating at this early point about the end of PIN and an end date on which PIN may cease to exist as a means of payment,” says Pieter Kalbfleisch, chairman of the Board of the NMa.
At the beginning of this year the starting signal was given for a transitional period to a common European payment market, which is supposed to make it easier for consumers and businesses to make cross-border transactions with a checking account. SEPA is an initiative of the European Central Bank and the European Commission. The Dutch banks have worked with the Dutch Central Bank (De Nederlandsche Bank) and Currence (the owner of PIN) to draw up a plan for the transition to SEPA in the Netherlands. The NMa is a great supporter of a smoothly functioning European payment market, but wants to ensure that the agreements made in connection with this do not restrict competition. Collective agreements on prices, dividing up the market or limiting offerings are not permitted on the basis of the Competition Act. The NMa is therefore following the developments regarding SEPA very closely and will take action if necessary.
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