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Trends in card payments processing in Central and Eastern Europe: Revolution or evolution?
Journal of Payments Strategy & Systems,
1
(2),
181-190
(2007)
Abstract
This paper explores recent trends in the card payments markets of Central and Eastern Europe and identifies the main drivers of change. The factors discussed include regulatory pressure from the European Commission (EC) and the advent of the Single Euro Payments Area (SEPA), the growing presence of retailers in the financial services space and the impact their entry has had on product innovation, consolidation of the banking industry and the resultant need to manage the cost of their expansion plans and the impact that required new technologies, such as Europay/Mastercard/Visa (EMV), are having on the banks' infrastructure planning. In conclusion, a number of revenue-generating strategies are offered to respond to the challenges of the changing market dynamics.
Keywords: pressure on card business margins; regulatory pressure; impact of EMV; SEPA consequences; exploring Central and Eastern Europe; new revenue generating strategies
The full article is available to subscribers to the journal.
Author's Biography
Espen Tranoy has worked within the European payments industry since 1982, advising on card payments. He worked for Christiania Bank (now Nordea) and later started his own consultancy company, Cartago Consulting, advising leading banks in Northern Europe as well as the card payment associations. Espen was in the faculty of Visa Bankcard Business School and in the Europay Academy. In 1999, he founded EuroProcessing International, a company that set out to contribute to the development of the card payments business in Central and Eastern Europe. EuroProcessing International was acquired by First Data International in 2005, and Espen now works as a Vice President for First Data in Austria, Italy and Central and Eastern Europe.
