EU is getting serious with Payment Service Directive 2 (PSD2)

I am curious what will actually result from this. Will the EU be right and make it easier for new business models, allowing a better, cheaper, more consumer focussed payments market in Europe? Or will it create a large number of „skins“ on existing business models – fancy looking front-end based on the same old back-end the banks have relied on for so long? And when so many new players will have it easy to enter the market-space, will that make things better for the consumers? Or more irritating and confusing? I am not convinced that the PSD2 will actually make things better – or cheaper. Only different. It will force traditional players to re-think their business models. Also I am not sure that opening access to bank accounts (or transaction accounts of other form) to new players, basically allowing them to tap into expensive infrastructure and relationships built over long time and with large budgets, is a good idea necessarily. That much I have learned in my life: there is no such thing as „free“, there is a price. And its going to be paid somehow, by someone. I suspect it will be the consumer – as its always been – just maybe in a different way, through increased account fees for instance. Like interchange regulation in various markets have made the transactions cheaper (for the merchants), the goods no cheaper to buy (for the consumers) but the annual fees for card-holders much higher. Well, we shall see.

EU Parliament Press Release about PSD2

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