Functionality of digital wallets is steadily increasing and moving away from being a simple container mimicking a card. 

The purpose of this taxonomy, produced by the Innovation Expert Team, is to provide a comprehensive understanding of digital wallets in order to support their potential inclusion in future versions of the Volume, following the usual EPSG assessment procedures and in parallel with related topics such as EUDIW and the Digital Euro.

The EPSG will continue its work to monitor and assess relevant market and legislative developments.

The EPSG is currently dedicated to identifying key functional and security requirements to harmonise the implementation of instant payments (account-to-account) across SEPA markets ensuring co-existence with the long established card payment infrastructure at the POI. As part of this ongoing work, the findings will be published in the next edition of the SEPA Payment Standardisation Volume. In the interim, we are pleased to release this slide-deck, which outlines the EPSG’s first approach of the primary instant payment models and associated transaction flows, providing the industry with valuable insights to navigate this evolving landscape.

The EPSG submits an annual report to the ERPB each November, detailing the progress made over the previous 12 months in SEPA payment standardisation. The link on the side allows you to download past reports, which are also available on the ERPB website.

Current cryptographic algorithms used in the payments industry are coming under increasing threat due to developments in cryptoanalysis that may require a substantial response at industry level within the next decade. 

Whilst the threat is recognised and work is underway at the international level, the ECSG are undertaking their own review to understand the implications for payments in Europe.  This work includes identifying any actions the ECSG could undertake to minimise the potential impact to the industry.

The migration effort to support new cryptographic algorithms on the payments infrastructure is major, and so the ECSG, with EMVCo's collaboration, took on the task to look into potential migration strategies. As a result of this investigation, the ECSG has produced in H1 2020 an initial evaluation of the available strategies that is published here.

This section provides a simplified view of specific aspects related to card payments as defined in the SCS Volume:

• SCS volume terminologies specific terms 

• EMV transactions aspects 

• Tokenisation aspects of a card transaction