A report on reactions to the Central Bank's ‘Consultative Document on Retail Payment Services Policy and the Payment Services Directive’, issued earlier this year, has been published.

The Bank said in a statement the outcome of the consultation process will serve as a basis for the future orientation of its payment services policy. The consultation provided market intelligence on the various options available to national regulators in the transposition of the Payment Services Directive, which will regulate electronic payment services, including direct debit, credit transfer and debit and credit card payments, and is to be incorporated into national laws across the EU by November 2009.

The report points out that positive feedback was received from the public sector, credit institutions, financial institutions, the business community, constituted bodies and consumers in respect of various issues. These included the need to reduce the predominant use of cash and cheques within the Maltese economy in favour of modern electronic payment instruments, and the need to update the regulatory framework applicable to cheques and other payment instruments.

In respect of the Payment Services Directive, respondents indicated strong support for a harmonised implementation across the EU.

The report is available on the Central Bank of Malta's website: www.centralbankmalta.org.