The European Payment Institutions Federation (EPIF) is an international non-profit association. It was founded in June 2011, in response to the adoption of the Payment Services Directive (PSD). The PSD established a new category of payment service providers (payment institutions) to encourage more competition at the European level.
Payment institutions are permitted to provide payment services alongside banks and other financial institutions. By means of a European passport available to them under the PSD, payment institutions can offer payment products and services across borders, thus making it attractive for European consumers to pay and receive funds within as well as outside their home country.
Keys Facts & Figures
London Economics Study on the impact of Directive 2007/64/EC on payment services in the internal market and on the application of Regulation (EC) No 924/2009 on cross-border payments in the Community | ECB Payment Statistics for 2012 | European Commission ‘Green Paper – Towards an integrated European market for card, internet and mobile payments’