In the end, the new landscape will be a mix of public and private solutions. So the key question for the years to come is how to combine core public infrastructures like the ECB’s fast payment platform, TIPS, with private systems, and what impulse central banks can give to make this happen in an integrated way.
This is a particular challenge in Europe where the retail payment world remains fragmented along national lines. The Eurosystem is working on it. We’d better act fast here, because we don’t want this new world of payments to be dominated solely by US and Chinese actors.