New Europe’s Payment System
The European Commission wants to facilitate adaptation of an instant payment system (TIPS) the European Central Bank introduced last year. For some reason, the banks of Europe do not rush to implement this system, and the Commission is here to speed them up.
The TARGET Instant Payment Settlement (TIPS) enables both individuals and companies to transfer euros in seconds. It will compete with tech giants like Visa, Paypal, Google, Facebook, Amazon as well as China’s Alibaba and Tencent.