Stefan Krawczyk, eBay Inc. Associate General Counsel & Head of EMEA Government Relations, follows his January article addressed to the Irish Presidency with recommendations to the incoming Lithuanian Presidency. He argues in TheParliament.com article that to move towards results-based, 21st Century regulations should ensure that European businesses and individuals benefit from innovative online and mobile payments.
On 28 May, Pay Pal launched the initiative “A Smart Step” – a new vision for regulation in the payments area, which can be used as a regulatory reform model for policymakers across the globe. The idea is to harness the power of data and analysis to allow regulators to achieve better real world results. By gathering data, analyzing, measuring, and regularly adjusting the process as necessary, governments will better fight financial fraud, ensure the stability of the system and foster economic growth and innovation.
The online and mobile payments sector is highly innovative and critical to the European economy. A study by Deloitte, commissioned by Pay Pal, estimates that online payments contributed EUR 125 bn to GDP across the EU27. More than that, the study describes how online payments act as a trade catalyst by increasing access to and choice of products, supporting cross-border trade, and assisting market access by small businesses.
The online and mobile payments sector is thus a key building-block towards realising the Presidency’s goal of a credible, growing and open Europe.
However, unlocking the full potential of the EU single market, including its businesses and citizens, requires innovation from policymakers themselves. Krawczyk urges Lithuania to use its Presidency to bring to the realm of policymaking the ongoing revolutions in digital technology, data gathering, data analysis and decision-making that are transforming almost all industries of today.