‘In the area of payment services, regulatory reforms and liberalisation of competition, as well as technological advances, are accelerating big changes – in the same way as previously in the telecommunications industry. Digitalisation and regulatory reforms may bring with them totally new services to the payments scene. Changes on the markets can also be swift,’ emphasised Governor Liikanen in his opening speech at the event.
Several new players have recently entered the payments market. Revision of the Payment Services Directive is expected to increase the number of market entrants in the future, too.
‘Opening markets to new players increases competition and promotes innovations. It is the ongoing duty of the authorities to ensure that all users have access to reliable and safe payment services,’ noted Governor Liikanen.
Looking ahead, payment execution will also become easier and more imperceptible. This highlights consumers’ financial literacy: when payment execution merges with the purchase transaction, the feel of money usage may fade and even lead to over-indebtedness. Promotion of financial literacy has also been raised as one key topic in the work of Payments Council.
The Bank of Finland brings together experts in the payments field at its annual Payments Forum, now for the eleventh time. The event fosters dialogue and exchange of ideas on topical payment-related issues between users, service providers and the relevant authorities.
Key themes at this year’s Forum included digitalisation in the financial sector, viewed from the perspective of different market players, and the new regulatory framework for payments. In addition, a panel discussion reflected on the challenges of payments going real-time and the availability and use of payment services.
Further information:
Kari Kemppainen, Senior Adviser, kari.kemppainen@bof.fi, tel. +358 (0)9 183 2249