Eurosystem changes framework for electronic payments

Tuesday 23 November 2021 10:30 CET | News

The European Central Bank’s Governing Council has announced a new framework for electronic payments. 

The new framework aims to make the future payments ecosystem safer and more efficient, as part of the Central Bank’s agenda to promote better integration of the payment systems. 

The new Eurosystem will utilise an improved framework to oversee companies enabling and supporting the use of payment cards, direct debits, e-money, and credit transfers, as well as digital tokens and electronic wallets. 

The PISA framework will also cover the acceptance of crypto assets by merchants and the movement of crypto assets (receiving funds, paying with crypto) through an e-wallet. Furthermore, it is designed to complement the upcoming EU regulations on crypto assets and international standards for global stablecoins. 

International companies that already implemented the previous Eurosystem framework are expected to adhere to the changes by 15 November 2022, while other companies will receive a one-year grace period to understand and make the necessary adjustments for the framework.

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Keywords: European Commission, regulation, e-wallet, e-money, central bank, crypto asset, online payments
Categories: Payments & Commerce
Countries: Europe
This article is part of category

Payments & Commerce