PREFACE 4
SUMMARY OF KEY FINDINGS 5
1. SEPA ACHIEVEMENTS AND CHALLENGES 7
2. DIVERGENCE AND CONVERGENCE IN THE EUROPEAN NON-CASH PAYMENTS EVOLUTION 11
3. PAYMENT INSTRUMENTS IN EUROPE - POTENTIAL FOR SEPA COMPLIANCE AND MIGRATION 17
4. CARDS - THE MOST IMPORTANT PAYMENT INSTRUMENT IN EUROPE 22
5. IS CASH DECLINING IN EUROPE? 29
6. THE IMPACT OF INCREASED COMPETITION ON PAYMENT REVENUES 34
7. INCREASING REVENUES BY BOOSTING VOLUMES AND REDUCING INEFFICIENCIES 41
8. SOURCING PAYMENTS SERVICES: AN URGENT DISCUSSION FOR BANKS 48
OPEN QUESTIONS: FOOD FOR THOUGHT 55
METHODOLOGY 56
ABOUT US 58

 For the second consecutive year, Capgemini, ABN AMRO and the European Financial Management & Marketing
Association (EFMA) studied the world-wide payments business.We hope that our analysis will help you to shed
new light on the major challenges facing our industry today.