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The impact of the Revised Payment Services Directive on the market for payment initiation services
The Revised Payment Services Directive (PSD2) was adopted to stimulate the development of an integrated internal market for payment services. This paper describes the impact of PSD2 on online payments by documenting the impact of PSD2 on the market for payment initiation services, both now and into the future. PSD2 has formalised the relationship between banks and FinTechs by establishing open banking, thereby providing open access to customer account data and payments infrastructure. The general response of Europe’s bankers to PSD2 is one of uncertainty. While there is considerable uncertainty about both the gravity and timing of the threats to emerge under PSD2, the new regulation opens highly attractive opportunities for established payments organisations.
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Bruno Lule Yawe is an Associate Professor of Economics in Makerere University’s Department of Economic Theory and Analysis. He is also Deputy Principal of the College of Business and Management Sciences. Previously, he was a postdoctoral research fellow at the Judge Business School, University of Cambridge under the Cambridge–Africa Partnership for Research Excellence Programme.
Ibrahim Mukisa is a Lecturer in Economics at the School of Economics, Makerere University. He is the coordinator of graduate programmmes at the School of Economics and a member of the Scientific Committee of the African Integration and Development Review of the African Union. He has over 20 years’ experience in academia and research at Makerere University and he is a reviewer for the Journal of Economic Structures.