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

Kari Kemppainen
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Kari Kemppainen: Bank of Finland, Finland

Journal of Payments Strategy & Systems, 2019, vol. 13, issue 4, 352-356

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.

Keywords: Digitalisation; Europe; network economics; regulation; retail payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2019:v:13:i:4:p:352-356

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