European Lawmakers Push For New Credit Card Payment Rules

Law360, New York (November 20, 2012, 6:47 PM EST) -- The European Parliament on Tuesday adopted a resolution to standardize rules for credit card companies throughout Europe by establishing a digital single market that will simplify cross-border credit card, Internet and mobile payments in the European Union.

The nonbinding resolution calls for the development of common rules and standards for personal credit or debit card payments modeled after the EU's single euro payments area, or SEPA, regulation, which governs euro credit and direct debit transactions among banks.

“Just as SEPA is designed to remove the gap...
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