PSD2 - New Banking Regs in UK/Europe

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PSD2 - New Banking Regs in UK/Europe

Postby ផោមក្លិនស្អុយ » Thu Jan 11, 2018 6:48 am ... e-know-it/

Revised Payment Service Directive.
This is a long read but is interesting (to some) for Europeans. I’ve no idea how Brexit will impact this - if at all.

This new directive is going to open up banking and allow new financial service providers to enter the market.

It sets up established players like PayPal and Revolut (who were able to innovate and get a foothold even prior to PSD2 launch) to expand their financial offering.

What it will mean is not yet fully known but probably:
- cheaper banking, probably with a vast reduction in credit card fees. Now it won’t be allowed to charge different fees for different card products the way airlines charge you a couple of quid extra to book with a credit card.
- loads of new players undercutting each other. Probably more risk based offering, lower prices to lower risk customers.
- innovation, the next 3 years is probably going to see some clever stuff happening with new products and services coming to the market. (Maybe we’ll even see tuktuks being ordered via an app)
- established banks are going to get it tough, or at least not have it as easy as in the past.

Probably one of the more boring 440 posts made - but I found it interesting.
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