Latest news and stories about payment systems in Portugal for expats and residents.
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Europe finds itself once again at a defining moment for the future of its payment ecosystem. After PSD2 (the directive that introduced open banking and Strong Customer Authentication, requiring national transposition) promoted market openness and boosted new business models, the European Commission is now proposing a new framework, composed of...
The European Central Bank (ECB) argues that Europe must reduce its reliance on non-European payment providers amidst rising e-commerce and geopolitical tensions. ECB executive board member Piero Cipollone stated that a digital euro would provide a sovereign payment infrastructure, allowing citizens to pay digitally with central bank-issued money as they do with physical cash. Currently, two-thirds of card transactions in the eurozone are governed by non-European companies, and the ECB aims to strengthen European autonomy by offering a pan-European digital payment solution that is resilient, cost-effective, and independent of foreign infrastructure.
