Smart Payment Association (SPA) has published proposals for an Instant Payment Card that would extend SEPA instant Credit Transfer functionality to consumers paying at POS terminals across Europe.
Under new proposals from SPA, real-time transfers could be made available to consumers in store using an Instant Payment Card or smartphone app in the same way as we would pay using the contact or contactless functionality on chip and PIN debit or credit cards.
Designed to illustrate the possibility of this new in-store way to pay, the proposals by SPA showcase an approach that complies with existing EMV standards and takes advantage of existing payment terminals already widely adopted and operating across Europe.
A more detailed synopsis and the full paper is available here.
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