SEPA and Retail Payments
Unlike large-value payments, which are mainly interbank payments, retail payments are customer (individuals or businesses) payments of lower value. Retail payments are based on fiduciary money (notes and coins) or on other payment instruments (payment cards, electronic money, credit transfers, direct debits, cheques).
Habits and conditions differ greatly in Europe when it comes to using these instruments. Therefore, the European Commission and the Eurosystem encourage the European banking industry to develop the Single Euro Payments Area (SEPA).