Last Friday, Andorra has managed to enter the Single Euro Payments Area (SEPA), which means an approach to the international integration of the Andorran financial market.
Also, it is a new element of competitiveness for entities and customers operating in the country, the Government has reported.
The SEPA was developed in 2008 and facilitates individuals, public bodies and companies, deposit or receive transfers in euros from an account located anywhere in Europe, with the same rates, provisions and security as those that can be done within the country.
These conditions “will facilitate entry into new markets,” the government said.
The SEPA is made up of 36 countries, including the 28 Member States of the European Union, together with Iceland, Liechtenstein, Monaco, Norway, San Marino, Switzerland and, from now on, Andorra and the State of the Vatican CITY.
The introduction of Andorra and Vatican City is a natural amplification of the SEPA planning program, the Andorran Government argues, and a sign of the willingness to adjust payments for electronic transfers in a wider area than the European Union..
The banking institutions and the Government of Andorra were already working months ago on the adhesion of the SEPA and thus carry out the projects of the European Payment Council.
In October, the General Parliament approved a reform of the Electronic Payment Services Law to regulate and improve the security of banking operations through the Internet, and to reinforce user protection against fraud and fraud.
The incorporation into the Single Euro Payment Area opens a door to introduce Andorra to online payment platforms, such as PayPal.
Today Andorran users can not link a bank account of the country in their PayPal account, so they have to have a foreign account to operate PayPal.