The Single Euro Payments Area (SEPA) comprises the EU Member States and Albania, Andorra, Iceland, Liechtenstein, Moldova, Monaco, Montenegro, North Macedonia, Norway, San Marino, Serbia, Switzerland, the United Kingdom and Vatican. Within SEPA, households, enterprises and general government bodies can make credit transfers using a single payment account domiciled in any SEPA country.

Since the introduction of euro banknotes and coins on 1 January 2002, euro area citizens are able to pay in cash (banknotes and coins) using the 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 to payments in euro that persisted after the introduction of the single currency.