Then we have electronic money institutions and payment institutions that joined the club not long ago. Some of them tried to mimic banks’ payments model and failed. A new wave of non-banks emerged in the age of smart phone.
Equipped with the latest technology and outof-box thinking they made a bald step – implemented new business models, in sectors where banks were slow to act. Nevertheless, many early initiatives are struggling for a number of reasons. Regulators as well as the industry need to understand what is still missing. Payment initiation services as defined in the PSD2 are a good bet.