____________________________________________________________________________________________________________
Each year, the success of electronic payment is growing: billions of transactions are presently made in Europe ... but merchants still continue to pay excessive interchange fees to the issuing institutions. And this is finally bad news for the consumers. For years, the banking world controls the payment schemes and is not passing on processing cost reductions to the merchants.
SEPA (Single Euro Payments Area) regulations and technological evolutions are driving a new paradigm:
- because consumers are essentially doing their electronic payment transactions at merchants premises, the time has come to make it possible to launch an alternative scheme that offers a fair solution, with an open governance that will also be open to merchants and have a reasonable and fixed fee per transaction.
- in consequence, merchants and retailers will now have the opportunity to save billions of euros they are currently paying as interchange fees, which is good news for the consumers.
PayFair is launching a new payment scheme, that will first focus on debit cards (instant debit), fully supported by the merchant community. This is also a great opportunity for banks, because this is the best way to reduce the use (and cost) of cash.
