Assessing the development of the European retail payments market from a historical perspective received
Kemppainen, Kari (15.01.2020)
JulkaisusarjaJournal of Payments Strategy & Systems
Numero4 ; Winter 2020
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-202002181103
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 com-petition 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.