Ecommerce Europe recently published its Position Paper on Consumer Credits. In light of the European Commission’s publication of the Proposal for a Directive on Consumer Credits, which aims to repeal Directive 2008/48/EC on Consumer Credit Agreements, the paper outlines Ecommerce Europe’s key recommendations, its main concerns over the proposal and suggests a few targeted amendments.

On 30 June, the Commission published its proposal which is extending and updating the current framework of consumer credit rules taking into account the developments brought up by the COVID-19 crisis and the increasingly digitalised market.

Ecommerce Europe recognises that the evolution of the consumer credit market demands a review of EU rules not only to ensure consumer protection and trust, but also to address the risk of fragmentation of the EU Single Market.

The proposed Directive on Consumer Credits will have a significant impact on the European digital commerce industry. Ecommerce Europe believes that the European Union should strive for a transparent and competitive market for consumer credits to ensure that these solutions remain cost-efficient for online merchants and consumers. In our opinion, future consumer credit rules should remain proportional and risk-oriented to ensure that new requirements do not go beyond what is necessary.

Ecommerce Europe and its members welcome the opportunity to provide feedback on the Commission’s proposal and are eager to constructively cooperate with EU policymakers on creating a proportionate EU legislative framework, with balanced solutions that would maintain a high level of consumer protection without jeopardising the ability of merchants to propose a wide range of payment solutions and services to their consumers.