Recital 1

(1)Regulation (EU) No 260/2012 of the European Parliament and of the Council ⁴ provides the foundation for the single euro payments area (SEPA). To create favourable conditions for increased competition, in particular for payments at the point of interaction (POI), the SEPA project should be continuously updated to reflect innovation and market developments in payments, promote the development of new Union-wide payment products, and facilitate access for new market entrants.