Money-on-line.eu 2006. The European scenario of digital payment system and smart cards

The digital payment system represents just a part of the world payment system, but it is certainly the part which has undergone major change as a result of evolving technological, social and economic conditions. Like the global payment system universe, the digital payment system can also be represented as “an expanding universe”, as there is a continuous marked growth in the number and value of transactions. However the growing number of electronic transactions, more and more of which are international, and the rise in their total value, are capturing increased attention and interest by operators and newcomers who were previously outside the field.The evolution of such global networks calls for new technologies offering increasing efficiency and security, convenience and value creation, consumer empowerment and greater transparency in fees application, and it also calls for standardization and regulation. Considering the regulatory frameworks of this scenario, the introduction of the single European currency and the role of the European Central Bank were two basic milestones. Now, the SEPA (Single European Payment Area) Framework, approved by the European Payments Council in September 2005, represents for the entire industry of payments the most important guidelines for forecasting the evolution of the payment cards sector over the next few years. Analyzing these trends is what the Forum per la Tecnologia dell’Informazione and the SSB Group aimed to do, by updating the first edition (2004) of the European Observatory on electronic cards and payment systems. Many international authors and institutions were asked to contribute to this new report with their own papers.