LONDON (Reuters) - A deadline is needed to ensure full switchover to a single pan-EU system of bank payments and help industry and public authorities plan ahead, a top European Central Bank official said on Monday.
The European Union's executive European Commission has launched a public consultation on whether such an end date is needed and, if so, when it should be.
The EU has adopted a law to introduce a single euro payments area (Sepa) so that consumers can send and receive payments in euros and use their payment cards anywhere in the 27-nation bloc, all from one bank account.
The aim is to exploit the single currency to boost competition and choice in services to bring down prices for the EU's 495 million consumers. National payments systems would be shut down with transactions moved to the new Sepa system.
The introduction of direct debit under Sepa was on track for November 2009, she said, but there was still not enough competition in cross-border cards where MasterCard (MA.N) and Visa Europe dominate. "Competition concerns are an on-going concern," she said.
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