Good news for cash-lovers living in Europe. As of January 13, 2018, a new European directive on A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More services will allow retailers to dispense Money in physical form such as banknotes and coins. More to customers using bank cards. The service – named “cashback” – was established to meet consumer and retailer needs.
The new directive is not welcomed with open arms by the French Banking Federation, which offers 58,480 ATMs across the French territory. The institution considers that the new directive might create unnecessary competition between banks and retailers. In addition, the Federation firmly believes that the new service is not in line with recent efforts deployed by the French government to promote digital payment instruments and restrict the use of cash. Nevertheless, the directive aims to respond to European consumer needs and not only to those of the French. In Eastern European countries, for instance, the number of available ATMs is limited, making it difficult for consumers to access hard cash.
According to Philippe Joquet, Director of the Trade and Retail Federation, retailers are extremely satisfied with the new directive, which was long awaited to meet customer demand. The implementation of this directive is extremely positive because it demonstrates that consumers’ opinion still matters, whereas many governments worldwide strive to impose digital payment instruments, thus restricting people’s freedom of choice.
To read the original [French] article, please click here.