Finland, 6 other EU countries support European payment card

Finland and six other European Union Member States on Tuesday published a joint statement, expressing their support to the European Payment Initiative aimed at creating a European payment card and a digital wallet, said the Ministry of Finance in a press release.

The European Payments Initiative (EPI) is a project led by private market actors aimed delivering a pan-European payment solution.

The solution would enable payments in traditional retail shops, online shops and from person to person.

“A European solution would meet consumer needs: it would be fast, safe, efficient and compliant with European data security requirements,” said Minister of Finance Annika Saarikko.

The objective of the European Payment Initiative is to introduce a European payment card and a digital wallet.

It also aims to make the European payment market less dependent on international payment service providers.

Payment service providers from seven countries are currently involved in the initiative, including the OP Financial Group from Finland.

“The key to success is to involve as many countries, or more specifically the payment services sectors of as many countries as possible,” Saarikko added.

In addition to Finland, the joint statement was signed by Belgium, France, Germany, the Netherlands, Poland and Spain.