They cant put points of your licence (yet!)
Just to clear up the fine thing - Changes to the Road Safety Act as of this year the DVLA will accept applications from any EU country for your address details in relation to speeding offences, and other traffic / parking offences and may also record details of the enquiry on your file. They (the other country) will then be entitled to use their powers to chase you for the fine, be it letters or even using debt collection as already mentioned.
My advice is to either pay or talk to a solicitor who will explain what may / may not happen if you dont pay. Its all fairly new stuff so I expect its full of technicalities, IYSWIM.