We follow with great interest the Nordic banks’ initiative to use SEPA standards also for non-euro currencies. They have really grasped the potential of common standards. In SEPA standards, cards industry is lagging behind. Hopefully the knot stopping card payment standards can be opened by the industry itself.
However, the regulators seem to be ready to take action if needed, as seen for SEPA credit transfers and direct debits. Conclusion The trend to harmonise and standardize services and to seek economies of scale is here to stay. Card payments, which work mostly efficiently and provide convenience and safety compared to cash, are an elementary part of this trend.