![]() ![]() More sophisticated types of fraud have also emerged, putting consumers at risk and affecting trust. securely sharing financial data between banks and financial technology firms (‘fintechs’). New providers, enabled by digital technologies, have entered the market, in particular providing ‘ open banking’ services – i.e. This trend was accelerated by the COVID-19 pandemic. Electronic payments in the EU have been constantly growing, reaching €240 trillion in value in 2021 (compared with €184.2 trillion in 2017). ![]() The payment services market has changed significantly in recent years. These proposals place consumers’ interests, competition, security and trust at their centre. These rules will further improve consumer protection and competition in electronic payments, and will empower consumers to share their data in a secure way so that they can get a wider range of better and cheaper financial products and services. The European Commission is putting forward proposals to bring payments and the wider financial sector into the digital age. ![]()
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