The European Central Bank (ECB) is weighing the possibility of using instant payments as an opportunity to link up national card schemes.

In a presentation at the American European Community Association, ECB executive board member Yves Mersch said that a true Singe Euro Payment Area (Sepa) for cards has not been implemented in Europe.

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Cardholders are barred from using their national payment cards to make payments across Europe unless validated by a global card payment scheme. Currently this is dominated by Visa and Mastercard.

“Efforts to ensure the interoperability of schemes should be strengthened and should aim to foster a European identity, for example by using a common European logo to show users that their cards can be used across the EU,” Mersch noted.

Mersch also believes that instant payments at the point-of-sale could prove to be a more feasible option altogether.

According to Mersch, this will prove to be cost-efficient compared to cards.

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Commenting on the issue, Mersch stated: “The industry sees the implementation of a European infrastructure for instant payments as an opportunity to instantly clear and settle card transactions, which would offer a possible way of supporting the interlinking and interoperability of national card schemes.

“Efforts to ensure the interoperability of schemes should be strengthened and should aim to foster a European identity, for example by using a common European logo to show users that their cards can be used across the EU.”