EDPIA CALLS ON EU POLICY MAKERS TO ADDRESS THE IMPACT OF COVID-19 ON INDEPENDENT EU PAYMENT SERVICES PROVIDERS
Brussels, 22 June 2020 – The COVID-19 pandemic has caused a near collapse of entire sectors of the EU economy, such as travel, tourism and entertainment. EU Merchants in these sectors have significantly relied on EU Payment Service Providers (PSPs) to meet the exponential rise in claims by consumers for reimbursement or deferred (e.g. voucher) solutions. In their payment acquirer function, PSPs guarantee the reimbursement of a card holder (chargeback) in case of merchant failure, thereby ensuring the trust in the payment schemes, especially for goods or services with a delivery significantly in the future after payment is made.
EDPIA’s paper provides unique insights and data analysis on the impact of COVID-19 on EU PSPs supporting most impacted sectors of the EU economy, as well as policy recommendations to ensure adequate support for EU merchants and consumers in exceptional circumstances such as this – so that appropriate lessons are drawn for the EU payments sector of the future.
A link to the full paper can be found below:
