The EU Council has unanimously adopted amendments to the proposal for a payment services directive, with the aim of creating a single European retail payments area. Currently, Member States apply national rules to determine fees for retail payment services. However, since Member States’ rules vary widely, consumers and businesses face significant differences in the prices of retail payment services, particularly in cross-border transactions. The proposed directive would harmonise the Member States’ rules, aiming to eliminate differences between fees charged for intra-State retail transactions and cross-border transactions. The directive, if approved by the European Parliament, is ultimately expected to save consumers between EUR 50-100 billion per year and promote competition among retail payment providers.