The so-called GAFAs; namely Google, Apple, Facebook and Amazon, are all offering payment services or considering 2  BIS central bankers’ speeches  doing so. While the new players bring further competition to the market, which is welcome, it is important that there is a level playing field for competition that ensures compliance with regulatory requirements and appropriate customer protection. 4.
Concluding remarks  Let me conclude. Although the contribution of retail payments integration to the competitiveness of SMEs has received less public attention than other related measures, SMEs have significantly benefitted from the creation of the Single Euro Payments Area, as well as from the ERPB initiatives that will deepen the integration achieved by SEPA and exploit the innovative potential of digitalisation.