Electronic means of payment in the single market

In adopting the report by Mrs Astrid THORS (ELDR, Fin) the European Parliament calls for a proposal for the directive on electronic payment systems and money transactions effected in connection with Internet. The objective would be to clarify definitions taking account of the need to differentiate the rules concerning credit cards, payment cards, cash cards and payment systems. Parliament communicates to the Commission its preference for self-regulatory mechanisms rather than heavy legislation for attaining consumer protection and high security standards. In order to make self-regulatory mechanisms effective at least three sets of rules have to be introduced: - rules aimed at ensuring customer awareness about potential liabilities; - clear and fair provisions on liabilities arising in the case of loss or theft and rules on the burden of proof; - rules to protect consumers in the event of failure of supplier or card issuer. Parliament regrets that the deplorable practice of banks charging commission in addition to their buying/selling profit of margin has not been addressed in the recommendation. �