Payments have undergone a transformation in recent years, accelerated by digitalisation and regulatory reforms. New players have entered the payments market, and innovations are expected to arise, particularly due to the revised Payment Services Directive. The change in payments, the new regulatory environment and their impact will be discussed at the Payments Forum, organised today by the Bank of Finland in Finlandia Hall, Helsinki.
"Regulation is generally needed to protect consumers, but sometimes also to increase competition.The revised Payment Services Directive addresses both aspects," said Governor of the Bank of Finland, Erkki Liikanen in his opening speech at the event.
In society, functions have shifted to real time, and the same is also expected in payment mediation. Last year, new domestic and international payment solutions based on instant payments have entered the market.
"The benefit of new forms of payment increases as more people use them and the network effect is enhanced. New applications and systems have appeared, but none are as yet in universal use among the public," added Governor Liikanen.
Ease of payment and seamless integration of payments with purchase transactions may erode consumers’ sense of spending and present challenges for consumers in managing their finances. Means to respond to these challenges have been surveyed by a financial literacy working group of the Payments Council, established by the Bank of Finland. The working group has published today an e-booklet “Financial Literacy in the 2020s” (in Finnish), consisting of articles written by experts working in different fields of society. Financial expertise and its availability to everyone will also be discussed in a Payments Forum panel.
The Bank of Finland brings together experts in the payments field at its annual Payments Forum, now for the twelfth time. The event fosters dialogue and exchange of ideas on topical payment-related issues between users, service providers and the relevant authorities.
For further information, please contact:
Maria Huhtaniska-Montiel, Senior Adviser
maria.huhtaniska-montiel(a)bof.fi, tel. +358 9 183 2128