EUリテール決済市場統合の進展と課題

抄録

　This study focuses on the retail payments market in the European Union （EU）, which does not seem to have integrated as much as other internal markets have, despite various measures taken since the 2000s. This research assesses these measures to shed light on the progress and challenges of the EU’s retail payment market integration. Through a framework of quantitative and price indicators, the study analyses the extent of integration of the EU retail payments market.

　The paper begins with an overview of retail payments and the differences among EU countries in their use characteristics, including those of online and mobile payments popularised by the spread of internet and smartphones. Second, two important measures of EU retail payments market integration are surveyed: the Single Euro Payments Area （SEPA）, which offers a single scheme and infrastructure for banking credit transfer and direct debit in euro in the single currency area or Eurozone; and the EU single retail payments service market, which enables firms to provide payment services across borders through a single passport within the EU.

　Finally, the study examines how the EU’s retail payments market has been integrated, using a framework including factors such as development of market participants （e.g., the number of payment institutions and the rate of passporting in EU member states）, and convergence to lower price levels within the EU （e.g., in banking credit transfer fee and interchange fee for card payments in EU member states）. The analysis finds that more payment institutions are providing their services across borders, with fees gradually converging to low levels, proving that the EU retail payments market has progressed towards higher integration since the 2010s.

　Additionally, the study finds that the diverse retail payment behaviours in EU countries have started to converge in the form of secondary benefits from market integration. It has been argued that the use of retail payment instruments in EU countries varies greatly according to history, law, culture, and customs. This study contends that the secondary benefit of market integration is seen in the changes in retail payments usage, especially in the increased cross-border provision of payment services, market acceptance of card, online, and mobile payments, and fall in retail prices.