Since the introduction of euro banknotes and coins on 1 January 2002, those from euro area countries are able to pay in cash using a single currency in any euro area country, as easily as they did in their own country using their national currency.

The establishment of SEPA strengthened monetary integration and helped overcome technical, legal and market barriers that persisted in the period prior to the introduction of the single currency. Households, enterprises and general government bodies can make cashless payments across the SEPA area (EU Member States and Andorra, Iceland, Liechtenstein, Monaco, Norway, San Marino, Switzerland, United Kingdom and Vatican), using a single payment account domiciled in any country within the SEPA area and a single set of payment instruments (credit transfers, direct debits and payment cards).