Central Banking

Document shows plan to shake up EU payments system

The European Union's payments system is set for a wide-ranging overhaul to cut down on the cost of cross-border transactions and save up to 100 billion euros ($117.7 billion), a European Commission document quoted by Reuters showed on Thursday 1 December.

The Commission's plan is designed to make transferring money using debit and credit cards, direct debits and invoicing just as cheap between member states as it is within a member state, the document said, according to Reuters.

"The Commission

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