[Refer to slide: Use of electronic payment instruments in the euro area] Against this backdrop we have seen the emergence of new technologies and processes to meet this demand, both from existing providers and an explosion of new rms – ntech, big tech and start-ups.
The E-Money and Payment Services Directives have played a key role in opening the EU payments market to innovation, providing a regulated environment for new entrants such as e-money and payment institutions to offer their services to consumers, further increasing competition and choice.6 These pieces of legislation have created many opportunities for ntechs, and indeed traditional commercial banks, to create a wide range of new and innovative payment solutions and business models.