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The central bank’s role of catalyst of the retail payments market in the context of digitisation: A focus on the Eurozone

Author

Listed:
  • Pimentel, Rui

    (Head of Unit, Payment Systems Department at Central Bank of Portugal, Portugal)

  • De Sousa, Francisco Pais

Abstract

This paper aims at analysing, with five specific contributions, the relationship between digitisation and the central bank’s catalyst role for the retail payments market. First, it documents the phenomenon of digitisation and, second, it explores impacts of digitisation on the retail payments market. Third, it identifies the main regulatory changes that impact this subject. Fourth, it highlights the fact that instant payments are the main response to digitisation from Eurozone central banking and materialise its role of catalyst of the retail payments market. Finally, it draws special attention to two relevant factors of the retail payments market which, in a digital world, are quite challenging for the catalyst role of a central bank: the network and stickiness effects.

Suggested Citation

  • Pimentel, Rui & De Sousa, Francisco Pais, 2017. "The central bank’s role of catalyst of the retail payments market in the context of digitisation: A focus on the Eurozone," Journal of Digital Banking, Henry Stewart Publications, vol. 2(1), pages 33-42, June.
    • Handle: RePEc:aza:jdb000:y:2017:v:2:i:1:p:33-42
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    More about this item

    Keywords

    digitisation; payment systems; mobile; catalyst; central banking;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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