SEPA influenced by cultural variances across Europe

European Commission discusses the influence of culture on the incorporation of SEPA into European payment systems

SEPA (Single Euro Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Area), which refers to the European Union’s payment integration plan for a standardization and simplification of bank transfers across Europe, is, according to the European Commission, being inhibited by cultural differences across the continent.

This is illustrated by the commission with a comparison between the United Kingdom and Italy.

The UK uses more payment cards and is, according to a “payment readiness” index, created by MasterCard, a promising experimental point for mobile payment. Italy, on the other hand, is still comfortably using cash and according to the index: “Consumers will require significant education and Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term efforts to raise both their awareness of and willingness to use the technology.”

It is, however, estimated that a leveling process will happen in Europe and according to Wijnand Jongen, the executive committee chairman of Ecommerce Europe, “Over the next five-to-ten years, e-commerce will be immersed in every part of life, consumers will adapt, and this adaptation is exponential.”