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Finland and six other EU Member States support the European Payment Initiative

Ministry of Finance
9.11.2021 12.00 | Published in English on 9.11.2021 at 14.16
Press release

On Tuesday 9 November, Finland and six other EU Member States published a joint statement, expressing their support to the European Payment Initiative aimed at creating a European payment card and a digital wallet.

The European Payments Initiative (EPI) is a project led by private market actors aimed delivering a pan-European payment solution. The solution would enable payments in traditional retail shops, online shops and from person to person.

“A European solution would meet consumer needs: it would be fast, safe, efficient and compliant with European data security requirements,” says Minister of Finance Annika Saarikko.

The objective of the European Payment Initiative is to introduce a European payment card and a digital wallet. It also aims to make the European payment market less dependent on international payment service providers.

Payment service providers from seven countries are currently involved in the initiative, including the OP Financial Group from Finland.

“The key to success is to involve as many countries, or more specifically the payment services sectors of as many countries as possible,” Minister Saarikko says.

In addition to Finland, the joint statement was signed by Belgium, France, Germany, the Netherlands, Poland and Spain.

Inquiries:

Petra Schulze Steinen, Special Adviser to the Minister of Finance, tel. +358 40 671 7278, petra.schulze-steinen(at)gov.fi

Kari Kemppainen, Senior Specialist, tel. +358 2955 30254, kari.kemppainen(at)gov.fi

Annika Saarikko Financial markets