Muehltal, April, 19, 2010

Cashless payments throughout Europe

Europe is growing closer together – and the same applies to cashless payment transactions. For that reason, starting from mid-2010, the same technical standards for card payments will apply throughout Europe (Single Euro Payments Area, SEPA). This means that customers can make card payments at every European terminal under the same conditions no matter what country the card was issued in or where the terminal is from.

In Germany, the Central Credit Committee (ZKA) will ensure that the European specifications are implemented. The committee gathers five major organisations of the German credit services sector. All European innovations for the German market can be found in the latest, seventh, version of the »technical appendix« to the electronic cash set of rules, »TA 7.0«.

TA 7.0 for instance meets the requirements of the chip standard EMV, which is binding throughout Europe. The standard was named after its creators, Europay, MasterCard and Visa. Until now, card payments with German terminals generally worked using a magnetic strip; the EMV chip, however, is much more secure.

In order to mark this European payment transaction milestone, ec payments now have a new name: »girocard«. A new acceptance symbol will also be introduced.

Operators and terminal manufacturers have to ensure that the transition to the new technical standards runs smoothly and is implemented in time. REA Card has thus developed a new software version which will currently be included with all REA card terminals free of charge – this also includes your terminal, and will it take place automatically, overnight.

And how will you recognise this great moment? Quite simply: the list of activated payment systems will then include the information line “card XX via EMV”” for each card. You can then read the chip on your customers’ cards instead of the magnetic strip.

The most important changes to cashless payments for you: in future, you will distinguish between a retailer and a customer receipt. At the top of the cash register receipt you can see which receipt is for you and which for your customer. To be sure, easy-to-follow instructions on the terminal display will guide you through the entire payment process.

And the best thing is: in future you will be able to accept additional cards from customers from other European countries – which means additional turnover for you!

Would you like to find out more? For detailed information and instructions, please visit www.rea-card.de in the service area under »TA 7.0 transition« and in the FAQ. If you have any more questions, please contact our service hotline.

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