Under this revised framework, payment service providers (PSPs) can be non-banks and will have access to the bank accounts of their customers, but at the same time they will be regulated, not only in terms of financial stability but also in terms of data use and privacy.
Opening up the payments market is good for consumers and it will spur innovation, but it should not come at the expense of privacy and security. How do you see technology and tech firms’ impact on banks and the financial structure?