EU plans cheaper electronic transactions

The European Commission wants to make online transactions faster and safer by making immediate payments the main option to pay for online items or simply transferring money. The EU's proposed law aims to make quick payments a barrier to the dominance of international systems such as Visa and MasterCard, as well as the entry of large internet companies into the payments sector.

Although the use of credit or debit cards is the most common method of purchasing goods or services online, international studies show the costs of processing these transactions and using the infrastructure are not insignificant, ranging between 1.5% and 3.5% of transaction turnover. While consumers are not charged for using their card at the time of purchase, the cost is borne primarily by the suppliers, who pass this charge on to the final product.

Until recently, this method of transaction...