As a central banker with the statutory task of ensuring the smooth functioning of payment systems my view is that we also need to carefully observe how this disruptive process unfolds. We should be mindful that risks could accumulate in the unregulated sector, which could affect payment security. Customers’ interests need to be taken into account.
This includes consumer protection and prudential requirements to defend customer funds. But these concerns must not be confused with pretexts to secure vested interest and inhibit innovation. Likewise, although it is desirable to have strong domestic European payment providers, not the least to be less exposed to extraterritorial jurisdiction, we should not use protectionist measures to shield incumbents from market pressures.