In the next couple of days, I will be publishing the following posts:
So...Stay tuned!
So...Stay tuned!
Wednesday 26 June 2013
Walk on the wild side: Completing the EU Single Digital Market, market consolidation in the telecoms and payments industries and how I learned to love convergence and stop worrying!
06/25/2013
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Markets are echoing of rumours about new M&As, the European Commission is readying for a new set of far reaching legislative actions and it is not only about the telecoms/digital markets...
A teaser....
The Thrill is gone
Flashback…
Remember….
Once upon a time, Europe was seen as a major growth, freedom and stability area with many commentators gloating on how it will soon rival if not dethrone the declining United States of their crown as the most important Superpower status, rivalling with new emerging powers, giants awakening that will compete with the EU.
Remember….
One the major success story resulting from the European Union actions towards building an integrated Single Market was the opening to competition of the Telecoms markets and in particular the tremendous success of the adoption GSM standard and development of the mobile markets.
Remember…
Commentators and pundits alike were stating that the U.S. were losing their competitive and technological edge in particular in the mobile sector where poor infrastructures and coverage, tariff structures where both caller and receiver had to pay for the call were leading to lagging penetration rates (although of course reality was a bit more contrasted…).
Remember…
The telecoms sector globally was such a success story that it went through its very own boom and bust cycle, the biggest one in the early 2000s associated to the Internet bubble and even had its own massive major corporate scandals and spending tens of billions acquiring 3G licences.
Remember…
European Mobile operators were expanding their global footprints in Latin America, Africa, Middle East, and Asia, spending billions acquiring operators or licences …
The year of living dangerously
Flash forward to 2013…
“Telecoms operators are stuck in tiny national markets, with borders and barriers at every turn. Expanding means dealing with a tiresome patchwork of multiple systems: for licences, spectrum, numbering and more.
And that's bad news for consumers. With hundreds of providers in Europe, mostly you can only choose among 3 or 4. And it's too hard to communicate across borders. Quality is poor; there are few innovative services beyond basic phone calls; and prices are unfairly high. If I phone the town next door, within our single market, that shouldn't count as a costly "international" call. And the mobile in your pocket should not be the last remaining reminder of our internal borders: they should have disappeared long ago.
This isn't a problem in the US or China. There, operators serve hundreds of millions, under a single set of rules. No wonder they are racing ahead of us. No wonder Europeans suffer from poorer connections and slower broadband. No wonder European players are losing out in almost every corner of the ecosystem. No wonder all the major internet players come from outside Europe, from social networks to device makers.” (See:http://europa.eu/rapid/press-release_SPEECH-13-559_en.htm for the full speech).
Those are some of the searing words extracted from the rousing speech that Nelly Kroes, Vice President of the European Commission responsible for the Digital Agenda gave in Dublin on the 20 June 2013, part of a determined campaign she is currently leading calling for immediate action to complete and fully implement the Digital Agenda, a key strategic objective from the European Union.
And action will take place as the Commission is planning to issue a new legislative package in July 2013 with the intent to complete the Single Digital Market… And how moves such as the deal between Telefonica and Three in Ireland or the potential deal between Three and Telecom Italia in Italy (including the parallel divestiture of Telecom Italia’s Fixed Access Network) will be appreciated by the EU?
What are the actions the European Commission to have adopted and implemented ASAP and possibly before the end of 2014?
Coincidentally, the analysis and efforts developed by Nelly Kroes, the GSM Association in association with Navigant Economics published on 29 May 2013 an interesting document examining the widening gap between the U.S. and E.U. Mobile markets and again it is a quite bleak assessment (see: http://www.gsma.com/newsroom/new-gsma-report-highlights-widening-gap-between-european-and-united-states-mobile-markets). But what is the response from Vice President Kroes and her own assessment of the U.S. market?
Love in the time of Cholera: Why major U.S. telcos would want to invest in Europe at this time of economic, political, competitive and financial woes?
The market is awash with insistent rumours of AT&T wanting to invest billions buying a major European telcos – and the list of targets supposedly courted –or stalked – by AT&T is getting longer with every passing day.
Huh? Really? But why? Why now? Why Europe and not another more promising market are asking analysts? And to do what?
Are we going back to the times of Mega-Mergers (note that the U.S. market is already experiencing them with the purchase of Sprint by Softbank and subsequent battle for Clearwire)? What are the rationales and benefits? Is that a diversion to mask other strategies of market penetration?
Anne Morris in her insightful editor’s corner published by Fierce Wireless on 21 June 2013 is reminding how both the criticisms and M&As rumours could force European operators to wake up (see http://www.fiercewireless.com/europe/story/fascinating-europe-gets-boost-ma-rumours/2013-06-21?utm_medium=nl&utm_source=internal).
The colour of money
The payments industry is of course itself under important market, strategic, regulatory and policy evolutions and disruptions (see previous posts on this blog).
The anticipated legislative package to be presented by the Commission in July 2013 with a regulation on interbank/interchange fees and many others wide-reaching actions will be a market shaker.
Talking about rumours…. Another one is currently flying around of a possible sell back of shares held by European Banks into Visa Europe to Visa Inc. or somebody else… Although it is an option apparently contractually foreseen by the agreements that led to the creation of Visa Europe, and beyond a pure financial interest, it is not immediately obvious why European banks would decide such an action, forcing them to develop their own card payments system, at an important cost?
It won’t either lighten or decrease the regulatory and competition-law based pressures and concerns of the European Commission and National Public Authorities/Competition Authorities considering the banks current market positions…
New players in particular from the mobile and technology industries are keen to take a decisive step in the payments industry as explained in the very interesting ‘ Future of Payments’ report published by Raconteur Media on the 23 June 2013 in The Sunday Times (see: http://np.netpublicator.com/netpublication/n94946847).
A number of analysts are already pronouncing the death of traditional banking as a now unavoidable fact and Mobile banking to reign supreme (e.g. see the new Mobile Bank, Hello Bank launched recently in France by BNP Paribas).
But what if?
What if a major mobile operator or technology company was acquiring a payments provider such as Visa or even a Bank (possibly then selling back to other players the assets that are not relevant for them?)?
Can we foresee such strategic move in the current environment? Could AT&T takes a first before a merger to enter the European mobile market through a more convergence related move (e.g. in the fields of payments or M2M/Smart Connected Living?)
We shall be developing some of these topics in a subsequent post soon to be published…
So, as always…Stay tuned!
Thursday 20 June 2013
Please visit my company website: Mobile Convergence Ecosystems Ltd. now live and running!
www.mobileconvergenceecosystems.com
www.mobileconvergenceecosystems.com
Tuesday 18 June 2013
Mobile Health: A call to the doctor?
Mobile Health: A call to the doctor?
A new
political battlefield
Healthcare
is one of the most essential and complex issues of the moment, with huge direct
and indirect impacts on people, countries and communities. Different issues are
colliding from access to healthcare and affordability to ageing population in
the developed countries, chronic diseases and illnesses due to hunger and
poverty in developing countries, global recession and financial/budgetary
constraints. All these drivers are combining to increase the importance of
mobile health as a way to reduce costs, improve access, rationalise the
management of massive healthcare organisations.
Mobile
health could be providing pathways to provide state-of-the art medical services
whilst reducing their overall costs. As such, it could be a powerful new tool
for medical research, medical treatment, drug delivery, monitoring, etc. with
strong impacts both in developed and in emerging and developing countries.
It is
likely that this topic will increasingly be at the core of crucial public
policy and political discussions and decisions in the UK, in Europe and
Internationally. It could give new ammunitions to Governments and Political
Parties to build a balance between the needs to decrease healthcare costs and
budgets whilst proposing more positive perspectives that are increasing the
individualisation, quality and flexibility of healthcare. Several major policy,
regulatory, privacy and political issues will be raised and must not
underestimated as they could significantly limit new products, services and
business developments.
A potential
for important revenue streams
In a study
realised in common with the GSM Association in 2012, PWC estimated hat for the
period 2013-2017, mobile health revenue should grow worldwide from US$ 4.5 to
23 billion, an increase of almost 520%.
To this amount shall be added the direct and indirect savings resulting from
better healthcare management and avoiding illnesses, etc. The GSMA and PWC also
estimated that Europe and Asia-Pacific will each represents 30% of the total
revenues, with North America immediately behind at 28%.
A complex
ecosystem that require cooperation between players from many different segments
Partnerships
and cooperation between ecosystem players in the mobile health segment are
crucial. Mobile network operators, medical organisations and professionals,
medical devices manufacturers, Public Authorities and health authorities are key players that need to agree on
a wide range of specifications, standards and operational protocols. Several
trials are taking place in Europe and testing the new usages of mobile applied
to healthcare.
They
involve private market players like mobile operators (Orange, Telefonica O2 and
Vodafone), public stakeholders (the EU Commission, the Red Cross). Many
commercial applications and activities are already live and developing,
particularly in the wellbeing/wellness segments and often through the impulsion
of start-ups companies.
The
healthcare market is extremely highly regulated and many legal and regulatory
issues are very sensitive from patient and user privacy to responsibility and
liability issues in case of malpractices, device malfunction. Insurance
companies and governments are therefore potentially crucial players as their decision
to
Encourage electronic
patient data and to cover treatments using wireless devices or applications
will increase growth and penetration.
In
developed countries, mobile health could become essential in the coming years
to curb rising health expenses for the states. The developed countries are
faced with a foreseeable increase of healthcare per capita expenditures linked
to ageing populations in the coming years. Expenditures are growing at 75% and
more and have risen far above income levels. The impacts on both public debt
and deficits and cost of living for individuals are immense. It is also crucial
to improve citizen’ health and promote social inclusion and integration.
Individualisation
of healthcare however means that individuals feel more responsible for their
own health and search for self-solutions to their problems, increasing the
demand for medical information available to all.
In
developing countries, the lack of resources both at individuals and States
levels are leading to major health crisis compounded by poverty and hunger. The
World Bank is particularly active, working with governments to fund mobile
health projects to diagnose, control, treat and monitor patients and illnesses.
Mobile
health services can be categorised into several areas:
- Patient
face to face treatment: Solutions
across the Patient Pathway
- Patient
remote monitoring and remote treatment: Prevention, Diagnosis, Treatment and Monitoring. It includes the
control of drugs delivery. By using mobile devices as remote sensor,
controller and monitor to support diagnosis and treatment, monitor
conditions and adherence to treatment, monitor vital signs and raise
alarms in case of any concerning change, the comfort of life for patients
in particular those affected from chronic conditions could be
significantly improved.
- Wellness
and prevention solutions: information, interactive services and
fitness monitoring to help obesity management, child and elderly cares,
smoking addiction treatment, prevention of infectious diseases, etc.
- Integration
of mobile and wireless devices into active medical devices: Although it could appear far-fetched,
the active inclusion and integration of wireless technologies into
artificial organs (e.g. limbs, pacemakers, artificial pancreas, etc.) is
already emerging as a reality.
- Health
services administration:
Emergency Response, Healthcare Practitioner Support, Healthcare
Surveillance and Healthcare Administration, etc. that are primarily aimed
at improving the efficiency of healthcare providers in delivering patient
care but also improving the patient care experience. Another major cost
saving opportunity for health services is the use of mobile devices to
organise the work of medical personnel, sharing of information between
teams, hospitals, doctors, are providing both major efficiency and cost
savings and benefits. The role of mobile and wireless technologies in
medical continuous learning and training is already developing fast pace
and allowing remarkable progresses.
- Wellness
and prevention solutions will
further add cost savings, targeting individuals with information,
interactive services and fitness monitoring to help obesity management,
child and elderly cares, smoking de-addiction to prevention of infectious
diseases.
The so-called
Machine-to-Machine segment or M2M
provides underlying combined managed infrastructures/networks/capacities
allowing permanent connection and communications between a multitude of devices
and stakeholders. A large part of Mobile Health products and solutions will be
cloud-based, both elements being crucial building block to allow the
development of the Mobile Health ecosystem. The interoperability between all
the different technologies and infrastructures will have to be absolutely
seamless.
Mobile Network
Operators (MNOs) are particularly keen to develop these managed integrated
networks to provide directly services to their enterprise and public sector
clients. But they also know that they can bring significant additional revenue
by commercially providing wholesale M2M platforms to an ecosystem of hosts such
as service providers, Over-the-top (OTT) players and Mobile Virtual Network
Operators (MVNOs) specialising into Mobile Health.
As an
integral part of the M2M sector, a number of other sectors will be relevant to
provide this new Mobile Health ecosystem such as sensors, smart connected
building, smart connected domestic appliances, particularly important for
monitoring, surveillance and prevention.
A number of
policy and regulatory issues could limit Mobile Health developments
Although these new Mobile Health services and solutions could have many
positive benefits and impacts for the society at large, policy and regulatory
concerns are also significant. The political sensitivity around the overall
emergence of Mobile Health could be another limiting factor.
The most immediate concerns are linked with the protection of privacy
and highly sensitive personal data that require the highest levels of security
possible. It is a fundamental element to ensure user confidence and adoption of
Mobile Health.
Infrastructure interoperability and resilience are also fundamental
requirements that could lead to Public Authorities imposing specific conditions
and standards to market players providing Mobile Health related products and
services.
Also, as for all Mobile convergence products/services, the thorny issue
of applying sector-related regulatory provisions to merging/converging industry
segments could lead to potential conflicts. It is likely that the need to
coordinate more closely both the healthcare and communications legislations/regulations
and the roles/actions of sector regulators will strongly emerge as a major
endeavour.
Finally, the requirements for cooperation between various public and
private market players and the need to share information and data could raise
quite sensitive competition law concerns.
There
is little doubt that Mobile Health could have a very crucial role to address
some fundamental political, economic, public policy and societal issues and
developments. It could contribute significant added value to better healthcare,
more efficient, less costly and more tailored to the need of individuals. However,
policy and regulatory concerns will have to be carefully considered to avoid
early disappointments and lack of adoption and confidence.
A summary overview of market/policy environment for Card, Internet and Mobile Payments in Europe
A quick summary overview of the market and
policy environment for Card, Internet and Mobile Payments in Europe:
The attention being paid to the Card payments
market by the European Commission and National Competition Authorities, whose
aim is to act increasingly and strongly to disrupt the status quo, is one of
the major factors contributing to the changes the payments industry is going
through. Considered as an bottleneck to innovation and anti-competitive, Public
Authorities are convinced that the development of new innovative payments such
as Mobile Payments but also the promotion of a revived economic growth require
immediate policy actions.
The combination of distrust
towards the banking industry, the economic and financial crisis, consumer
resistance to hidden charges, the irresistible emergence of the digital/mobile
convergence ecosystem and the increasingly essential articulation between the
physical and virtual /digital retail distribution channels are driving the
debate on Multilateral Interchange Fees.
These hidden interbank and card schemes charges associated to specific rules of
card schemes, lack of transparency, limiting conditions to market access, vertical
integration and control of the payments value chain but also proprietary closed
standards for new technologies are identified by Public Authorities as the main
culprits for a lack of competition, innovation and level playing field.
It is a much more complex ecosystem where
market players are at the same time cooperating and competing quite fiercely.
Mobile Operators (whether Mobile Network or Mobile Virtual Network Operators)
and Digital Technology companies are intent to penetrate the payment market in
a much more aggressive way than before. Banks are fragile and struggling to
maintain control of the market. Payments technology companies like although
under attack based on competition law retain an important role…
Payments are one of the crucial vectors for
changes and Mobile Wallets could be much more than the few limited developments
– often not that very successful – that have been tested in the last couple of
months. It is essential that the focus is shifting from a purely
technical/technology vision to a truly user/consumer experience one, with the
aim to make this experience a seamless, secure, safe, useful, simple and
affordable one.
With the support for major retailers and
merchants and the increasing competition brought upon by the Mobile players,
Mobile Wallets that would be conceived as a true Mobile Swiss Knife integrating
a range of personal features, services and functions on the SimCards/Devices
could see a dramatic rise of consumer adoption.
Stay
tuned!
More
on my blog: http://mobileconvergencecosystems.blogspot.co.uk/
Monday 17 June 2013
Some thoughts on the market and public policy environment for Card, Internet and Mobile Payments in Europe
1-
A difficult
political and economic environment
The attention being paid to the Card payments market
by the European Commission and national competition authorities, whose aim is
to act increasingly and strongly to disrupt the status quo, is one of the major
factors contributing to the changes the payments industry is going through.
This scrutiny needs to be seen against the background
of the financial crisis, where the regulation of financial services, including
rules impacting payment systems, has become highly politicised. At the same
time, the media and general public have also become drivers of policy. Public
perception is increasingly forcing companies to rethink how to engage in a more
politicised and emotive debate.
The Public authorities at the European Union as well
as Member States levels are clearly and increasingly considering that the
current anti-competitive bottlenecks existing in the Card Payments sector are
preventing the emergence of truly competitive benefiting the general economy,
retailers and consumers at large. They are also increasingly making a
connection between these bottlenecks and Internet and Mobile Commerce an
essential dimension of the future economic growth and competitiveness, noting
in particular that the positions and behaviours of banks and card schemes are
holding back innovation and new payments products such as Mobile Payments.
And as in cue, the woes experienced by European Banks,
the weaknesses of this sector and lack of appetite for innovation and new
product developments although of a varying degree depending of which country is
concerned and with some exceptions we will discuss later in this post, are
clearly not supporting innovation and audacious strategic moves. European policy-makers therefore will have to contend
with two countervailing pressures over the next five years: the need to enforce
new rules across the board in financial services, while stimulating enough
confidence and demand that lending flows back into the economy, in support of
innovation and growth. For the payments industry, there is an opportunity to
set out some of the real economy implications of its business model and regain
some influence over the political and regulatory debate lost in the crisis
years. For participants in the payments sector looking to have a stake in the
future legal framework, these seismic shifts mean that they need to engage in a
regular and structured dialogue on policy and regulatory issues - rather than
purely on commercial considerations with key decision-makers in Europe, on a
sustained basis.
2-
Regulation: A
busy agenda until 2014
The combination of
distrust towards the banking industry, the economic and financial crisis,
consumer resistance to hidden charges, the irresistible emergence of the
digital/mobile convergence ecosystem and the increasingly essential
articulation between the physical and virtual / digital retail distribution
channels are driving the debate on interchange.
In the wake of the Green Paper on Cards,
Internet and Mobile Payments presented and submitted to public consultation in
2012 by the European, the full extent of the possible changes should become
apparent during the summer months of 2013, when the European Commission will
adopt a wide-ranging legislative agenda including a possible Regulation on
Multilateral Interbank/Interchange Fees related to card payments, which will
then be scrutinized for adoption by the 27 Member States and European Parliament.
The legislative agenda will include other provisions on market access,
transparency and possibly on an open, European standard for Mobile Payments.
In parallel, the Commission is
continuing and increasing the pressure on competition law-based investigations,
with on-going scrutiny of Visa and MasterCard expected to lead to some
commitments over debit and credit card rates in the near future.
The legislation implemented in
the United States on Multilateral Interchange Fees (Durbin Amendment in the Dodd/Frank
Act capping credit cards interchange fees), the first recent moves by US
retailers to set up their own innovative payments networks without the banks
and card schemes involvements and concerted European regulatory activity are
creating a new reality.
Moving away from the debate surrounding
interchange fees, the Commission also identified other areas, such as
co-badging, the structural separation between card schemes, processing,
settlement, clearing and interoperability, transparency and technical standards
issues. These are seen as fundamental to solve before the market can become
more fluid and optimal, and innovation flourishes.
The Commission will also publish a
review of the 2009 Payment Services Directive in June 2013 to adapt it to the
new payments ecosystem outlined, alongside a communication on the governance of
the Single European Payment Area. Associated with further actions in the field of banking regulations, open technical standards
and favourable consideration of strategic developments led by mobile operators
and technology providers in the field of mobile payments, the Commission is
clearly willing to implement a highly aggressive enforcement strategy to open
the market to competition and innovation.
Finally, Member States could implement
far- ranging policy actions that either anticipate or complement EU policies.
This was demonstrated by the proposed creation of an economic regulator for the
payments industry in the UK, in charge of implementing utility-style
economic regulation implemented by a new independent regulator (or maybe
extending the remit of an existing economic regulator such as the Office of
Communications or Ofcom) to the payments market as well as sector specific
competition law.
The possible inception of EU/US
Free Trade Area negotiations will without doubt add another pressure for
changes in the Payments industry, with the aim to promote competition, reduce
costs for retailers and consumers alike and foster innovation in particular in
the area of Mobile Payments and Mobile Wallets. It is likely that these pressures
toward some forms of harmonisation of the US and EU Payments legislations
(including the Durbin Amendment in the Dodd/Frank Act) will create additional
incentives for the EU to reform of current fees and card schemes structures.
With or without commitments, the
changing political agenda in 2014 should keep card fees and innovation in the
field of payments high on the political agenda. With elections for the European
Parliament in May 2014, as well as the selection and composition of a new EU
Commission in Autumn 2014, Brussels will be keen to show citizens how and why
the EU acts in their interests. Tangible deliverables, such as the capping and then elimination of roaming charges by
2014 and lowering interchange are clearly tempting targets and low-hanging
fruits for EU policy-makers, increasingly seeking legitimacy and recognition.
3-
The Payments
Ecosystem
As a new set of policy-makers arrives in Brussels in
2014, it is incumbent on the payments industry to educate stakeholders on the
evolving nature of the industry and its development. We see a much more complex
ecosystem where market players are at the same time cooperating and competing
quite fiercely.
Policy-makers understand the essential
role that payment cards have played in the growth of e-commerce. Cards have,
for many years, been the key instrument allowing customers and users to
purchase, sell, subscribe and trade over the Internet - providing the essential
infrastructure to support the emergence of new services and new market
participants. This transition was further facilitated by the substantial growth
of card payments in Europe, where the “plastic- based” economy developed into
the principal way for consumers to pay for goods or services.
With their widespread and commonly
accepted use in the offline and online world, card payments are currently the
predominant force globally. This unique market position reinforces the close
links between card payments and emerging innovative systems such as mobile
payments, which could underpin new products and services that are drivers of
new economic growth.
Mobile payments have the potential to
contribute to more socially acceptable banking products such as micro-loans,
financing, trading and person-to-person money transfers that can be used more
responsibly by all citizens, including those most impacted by economic and
social challenges. Mobile payments and banking services developed in emerging
markets in Africa and Asia have demonstrated the
viability, attractiveness and success of such business models, particularly for
the so-called ‘unbanked’.
This growing segment could create new
realities for traditional payments market players by moving from the bank
account or card-based payment environment to mobile device-based wallets and
accounts. This will increase the growing importance of mobile operators and
technology companies, combining residual cooperation and increasingly fierce
competition between the players of the global ecosystem.
These new realities resulting from both
commercial, market and societal evolutions such as mobile device penetration
rates, increasing use and role of social media, geo-location and requirements
for localised information whilst
on the move) are opening new segments and
patterns such as Social Local Mobile (SoLoMo) or Research Online, Purchase
Offline (RoPo) that will support a range of innovative new payment options.
The payments ecosystem has now become
increasingly complex with multiple players sometimes cooperating and
increasingly competing in a fast changing sector. Technology companies and
Mobile players (both Mobile Network Operators and Mobile Virtual Network
Operators) are frontally attacking the payment market and competing with banks
and payments technology providers. Mobile players in particular have some real
assets such as their control of their customer bases, their expertise in
dealing with fraud and security issues, their customer relationships management
tools and of course the control over the mobile customer accounts (either
pre-pay or post-paid that could be easily converted into debit/credit
accounts).
Some commentators are reflecting on the
disappointing first results of NFC developments in Europe and the low adoption
rate of existing Mobile Wallets as the evidence that there is a need for
shifting the focus. A number of comments have to be raised regarding some
fundamentals aspects of the mobile payments ecosystem, namely a new vision for
Mobile Wallets and the importance of the retailers and merchants to incentivise
user adoption (including with regard to security).
Mobile Wallets could be one of the
vectors for an integrated ecosystem if market players are able to stop focusing
purely on technology to rather give priority to customers and users experience.
They would also need to develop a truly innovative vision of integrated mobile
wallets: a product based on the Mobile devices Sim Cards/handsets that would be
much more than a simple virtual purse. The relative lack of success of Google
Wallet or ISIS could be an indicator of what is not attractive for users.
The idea of a Mobile Wallet that would
be an integrated “Digital Swiss Knife” assisting the user in a large part of
his/her life as a digital assistant is a far more innovative proposition. In
this instance, the mobile wallet would be used to pay for goods or services,
but also integrate a number of personal Identity elements (e.g. including personal
ID, personal medical information file, students ID, Social benefits ID, etc.),
all payments and store/loyalty cards (with associated added value services
around them), a ticketing device, digital keys, etc.
Finally, the fact that a number of major
retailers in the U.S. and in Europe have now decided to throw their weights –
sometimes together – behind the development of innovative Mobile Payments
systems, often breaking rank with the banking industry – are a positive
indicator that should sustain a much quicker adoption rate by consumers.
The
Payments infrastructures are critical ones and underlying many of our most essential
daily activities, with enormous economic, commercial, social impacts. It is therefore
not surprising that the payments industry is attracting the acute interests of
both policy-makers and market players. Changes are coming in an increasingly
complex ecosystem, some market players will find new competitive opportunities
for new revenue streams and products, other market players will face increasing
challenges and risks. New policy and regulatory agendas will amplify the market
and technology disruptions… We will without any doubt follow-up on these
evolutions….
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