Spurring Online Payments

In September 2019, Europe’s financial markets will undergo a revolution.

From that date, the Payment Services Directive (PSD2) will require banks to provide API software interfaces, allowing financial upstarts to tap customer data. This new access to bank data is designed to jumpstart fintech innovation, encouraging the creation of a myriad of innovative, secure consumer-friendly services.

CEPS is publishing its six-month research project on PSD2. In the paper, we judge whether the reform will make online payments even easier, safer and cheaper. Our conclusions are mixed. For fin-tech entrepreneurs, the upcoming changes may not offer enough access to bank data to innovate. Banks question the manner in which they must share customer data and analysts predict that they could lose at least 9% of all retail payments by 2020. Instead of “one-click-shopping,” consumers will need to use time-consuming card readers.

Come to a presentation of the new paper and participate in a discussion about the issue.

At stake is Europe’s place in the future world of digital payments. China is racing ahead, leapfrogging credit cards and installing next-generation Internet payment services such as Tencent’s WeChat and Alibaba’s Alipay. The US, is counting on its low regulatory requirements to generate innovation.

CEPS acknowledges Intuit’s support for this research in providing funding. The study was conducted in complete independence. It is based on personal interviews with regulators, consumer advocates, fintech leaders, and bank officials. The author takes full responsibility for its findings.

A sandwich lunch will be served from 12:30-13:00 - Meeting from 13:00 to 14:30

Event Commissioned by Intuit

Please click here for Bios of the Speakers

27
September 2018
Thursday
13:00-14:30

1433

Speakers

Bernie McKay
Chief Public Policy Officer Intuit Inc.
Edward Corcoran
Senior Economist, BBVA
Jean Allix
Special Advisor, BEUC
Scott McInnes
Partner, Bird&Bird

Chair

William Echikson
Head of Digital Forum, Regulation Policy Unit, CEPS
Inna Oliinyk
Visiting Researcher, CEPS

Spurring Online Payments

Contact: 
Organiser: 
27
September 2018
Thursday
13:00-14:30
Participation in this event is free of charge. A sandwich lunch will be served from 12.30 onwards.

1433

CEPS Conference room

Place du Congrès 1 - 1000 Brussels