The Council of Ministers of Andorra approved a provision on payment services and electronic money. The document implies the introduction of European rules and standards applicable to payment service providers. First of all, we are talking about cross-border payments between Andorra and the member states of the European Union, as well as technical requirements for transfers and payments in euros.
Thus, Andorra becomes a member of the single payment zone in euro (SEPA).
The single euro payments area (SEPA) harmonises the way cashless euro payments are made across Europe. It allows European consumers, businesses and public administrations to make and receive the following types of transactions under the same basic conditions: credit transfers, direct debit payments and card payments. This makes all cross-border electronic payments in euro as easy as domestic payments.