Disrupting the Payment Sector
Payment Service Directive 2 was inured in 2018 by the European Commission to enable a competitive, regulated environment for banking and non-banking organizations within the European Union. Competitive markets such as Chinas fast growing mobile payment market, Australias New Payment Platform and evolving FinTech Startups strongly impact the disintermediation of payment transactions, disrupting the banking sector globally. The need for fulfilling future customer needs by providing convenient payment solutions demand for faster adoption, agile methods and MVP (Minimal Viable Product) approaches that must lead to cultural changes in the banking sector to keep up with the market. How can one bank bear up to the competing environment by investing in digital payment solutions without loosing control over regulation and cost?