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European retail payments market integration and fintech: a case study approach

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  • Katharina Allinger

Abstract

The segment of retail payments has been among the most affected by technology-enabled innovations in financial markets (fintech). This study looks at the digitalization of retail payments markets in Europe. We develop a framework and collect supportive indicators to discuss the connection between fintech and retail payments market developments. We apply our framework to four small European economies – Sweden, Austria, Estonia and Bulgaria – and discuss what conclusions, if any, can be drawn for the integration of European retail payments markets and fintech from the developments observed in the case study countries. While there are many channels through which digitalization may facilitate the creation of a single market for retail payments, this study discusses whether fintech might also contribute to stronger retail payments market fragmentation.

Suggested Citation

  • Katharina Allinger, 2018. "European retail payments market integration and fintech: a case study approach," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 36, pages 25-39.
    • Handle: RePEc:onb:oenbfs:y:2018:i:36:b:1
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    References listed on IDEAS

    as
    1. Doris Ritzberger-Grünwald & Helmut Stix, 2018. "How Austrians bank and pay in an increasingly digitalized world – results from an OeNB survey," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/18, pages 52-89.
    2. Caroline Stern, 2017. "Fintechs and their emergence in banking services in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/17, pages 42-58.
    3. Esselink, Henk & Gijsel, Lola Hernandez-van, 2017. "The use of cash by households in the euro area," Occasional Paper Series 201, European Central Bank.
    4. Codruta Rusu & Helmut Stix, 2017. "Von Bar- und Kartenzahlern – Aktuelle Ergebnisse zur Zahlungsmittelnutzung in Österreich," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 54-85.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    payment systems; financial intermediaries; financial regulation; structural change; technological change;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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