The time has passed for European law makers to adopt the newly updated Payment Services Directive, as was announced by Jaume Duch Guillot, one of the Parliament’s chief spokespersons, in a public debate on directive that took place in Brussels last Wednesday.
Mr Guillot said that the directive, along with the related interchange fee regulation, is currently being discussed within the Parliament’s economic and monetary affairs committee, with discussions scheduled to conclude within the next Parliament.
Research by five of the UK’s leading banks has found that 18% of Brits would prefer to go completely cashless, opting for other forms of paperless payment including the more traditional card payments and more modern mobile-based solutions.
The study, conducted by consumer analyst firm Mintel, found that over a third (38%) were interested in mobile payments and that 8% said they were ready to sign up to and make the switch to such payment solutions immediately.
First-time buyers in the capital will soon be able to purchase their first home, a £250,000 London apartment, by making a deposit of £2,000 that they can pay with their credit card.
Critics of the scheme fear that it will lead to a return to the days of easy credit, one of the key factors which sparked the 2007 crash in the property market. There are also concerns from experts that those who took part in the scheme could find themselves in hot water,