PayFair, one of the three new European card scheme candidates, recently named Stephan Becker as its new CEO. According to the press release, Stephan’s initial focus will be to increase PayFair’s uptake by banks within the SEPA world and continuing the expansion throughout Europe and globally. PayFair, as well as the other two new European schemes EAPS and Monnet, have seen their initiatives moving slower than expected due largely to the luke-warm reception among European banking industry.
PayFair is the new SEPA compliant payment scheme offering a European alternative to other schemes such as MasterCard and Visa that are well established in the payments arena. PayFair’s business model is organised around a SEPA and PSD-compliant system that allows it to make payments simpler, faster and safer. PayFair differentiates itself from the competition through the cost, speed and security of its service. Card fraud is often e-payment related with customers complaining that current systems are not safe enough and payment processes are too long and complicated. Merchants are asking for reliable and affordable payment means and banks are struggling with higher costs related to fraud damages.