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The central bank’s role of catalyst of the retail payments market in the context of digitisation: A focus on the Eurozone
Journal of Digital Banking,
2
(1),
33-42
(2017)
Abstract
This paper aims at analysing, with five specific contributions, the relationship between digitisation and the central bank’s catalyst role for the retail payments market. First, it documents the phenomenon of digitisation and, second, it explores impacts of digitisation on the retail payments market. Third, it identifies the main regulatory changes that impact this subject. Fourth, it highlights the fact that instant payments are the main response to digitisation from Eurozone central banking and materialise its role of catalyst of the retail payments market. Finally, it draws special attention to two relevant factors of the retail payments market which, in a digital world, are quite challenging for the catalyst role of a central bank: the network and stickiness effects.
Keywords: digitisation; payment systems; mobile; catalyst; central banking
The full article is available to subscribers to the journal.
Author's Biography
Rui Pimentel heads a team focused on the analysis of developments in retail payment systems. As a Management graduate, Rui joined Banco de Portugal in 1997, and over the years has worked on several projects, such as the Single Euro Payments Area (SEPA), among others. Rui takes part in several national and international working groups, namely in the context of the ECB/Eurosystem and also at the European Commission, covering SEPA implementation and payments innovation issues. Since 2011 he has also been the representative from Portugal in the European Forum on the Security of Retail Payments. As a result, Rui has been taking regular part in conferences and seminars, as well as in cooperation projects with other Central Banks.
