European Commission announces plans to streamline online transactions

The European Commission has vowed to increase the number of online money transfers taking place by 2015 in a bid to boost economic, social and societal change.

It was suggested the development of electronic commerce and internet services offers "enormous potentials" for beneficial moves forward in all three sectors.

According to research, the online economy creates 2.6 jobs for every offline position that is lost, while also proving more accessible for those in rural and isolated areas.

However, the Commission found there are several obstacles preventing consumers and businesses from investing fully in internet-based services.

These were listed as ignorance and uncertainty about rules, a lack of transparency and comparison on offers, as well as payments and modes of delivery that are often expensive or unsuitable.

Commissioner for the internal market Michel Barnier, commission vice-president responsible for the Digital Agenda Neelie Kroes and commissioner for consumer policy John Dalli said of the objective: "The action plan we are presenting today will create new opportunities for citizens and businesses and will bring Europe much-needed growth and employment."

The trio claimed opportunities for new jobs and consumer activity must be seized "as a matter of urgency".

As a result, the Commission has outlined 16 initiatives aimed at doubling the share of e-commerce in retail sales and the internet sector in European gross domestic product, under the Single Market Act and the Digital Agenda.

These two projects will aim to facilitate cross-border access to online products and ultimately solve the problems of payment, delivery and the protection of consumer information.

Ms Kroes commented that annually six trillion euros (£4.6 trillion) changes hands through global e-commerce, but European citizens and businesses are lagging behind other continents.

Posted by Chris Barber

Click here find out how much you can save with HiFX's Foreign Exchange services.