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Assessing the development of the European retail payments market from a historical perspective

Author

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  • Kemppainen, Kari

    (Bank of Finland, Finland)

Abstract

Changing consumer expectations are shaping the retail payments market at the global level. Within the European Union, the renewed regulatory framework, the revised Payment Services Directive, gives a further boost by fostering innovation and competition in the European retail payments market. In this evolving payment landscape, assessing the current state and forecasting potential development paths may benefit from a look at the past. This paper reviews past developments, discusses potential regulatory implications, and outlines a vision of future developments in the European retail payments market. It concludes that an evolutionary path is more likely than a revolutionary one. Regarding the future regulatory framework for retail payments, it proposes that the movement from entity-based towards more activity-based regulation should be continued.

Suggested Citation

  • Kemppainen, Kari, 2019. "Assessing the development of the European retail payments market from a historical perspective," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(4), pages 352-356, December.
    • Handle: RePEc:aza:jpss00:y:2019:v:13:i:4:p:352-356
    as

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    More about this item

    Keywords

    Digitalisation; Europe; network economics; regulation; retail payments;
    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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