The PSD2 is not the only challenge for the card business. Innovations in the course of the digitisation, such as mobile payments or the Internet of things, have a significant impact on the payments of the future. That is why now the right time for a new way of thinking is.
Due to ever more diverse payment options the competition is growing. Traditional financial institutions are suddenly face to face with FinTech start-ups, which enter the market with faster and easier solutions and do not have to consider any grown system structures.
By now the card business has to hold its ground next to other modern payment methods that can be reached via the same platforms. In addition, instant payments are causing a revolution in the payments sector since they enable transactions between the ordering party and the recipient in the span of seconds. These innovations put card-based payments to the test: debit cards might become unattractive for retailers, if transactional costs can be saved thanks to new approaches. It is therefore all the more important to accurately analyse the potential, changes and need for adjustments that are caused by this new market and integrate them into the business models of the providers and financial institutions.