(7)In order to monitor cross-border trade and improve the overall quality of the information required to compile balance of payments statistics, in particular on the item on travel, transport and the item on online trade in goods and services (e-commerce), further detail on card-based payment transactions is required. The collection of statistical information on the merchant’s sector of activity, by means of the merchant category code (MCC), and the collection of card-based payment transactions on a worldwide basis allows for an in-depth analysis of international payment transactions and an accurate allocation of payments across the various categories of goods and services. For the same reason, reporting agents should be required to report these statistics quarterly, and within shorter deadlines in order to enhance their relevance and utility and contribute to the compilation of quarterly balance of payments.