The European Central Bank has developed a legal framework for card payment schemes that process euro payments, in a bid to boost public confidence in card payments and promote a level playing field across the Eurozone.
The oversight framework provides for both existing and future card payment systems (CPSs), and has been developed in parallel to, but independently from, the project to create the single Euro payments area (Sepa).
The proposed framework applies to all CPSs providing card payment services, including debit and/or credit cards. It also covers cards debiting prepaid and dedicated accounts, such as gift cards, although e-money schemes are beyond its scope.
The European Central Bank has invited interested parties to comment on the proposal by close of business on August 2, 2007, stating that, while CPS governance authorities are the main addressees of the oversight framework, it would also be valuable to have the views of issuers, acquirers, processors, vendors and merchants.