In Spain a similar step was taken three years ago, and it was a key factor pushing the Spanish economy to generally outperform the rest of the euro area in 2014. As we have seen in Spain, the Jobs Act reform can make Italy a more attractive location for doing business.
Consumers may not appreciate that nonbank providers might not provide the same protections. Further, the integration of payments with a variety of consumer services that rely intensively on user data raises the urgency of questions surrounding data security, how consumers’ financial data are used, and the circumstances under which the data are disclosed to third parties.