It must be kept in mind that from a public policy perspective the risk of getting the systemic costs and benefits wrong can be very serious as has been borne out by experience of many Asian and Latin American economies in the past few decades.
European card scheme Since 2006 the Eurosystem has had a great deal to say on the subject of the governance of card payments in Europe. In our sixth SEPA progress report we clearly stated that the “Eurosystem expects at least one additional European card scheme to emerge that meets the requirements of cardholders, banks, merchants, competition authorities and the Eurosystem”.