What I think is safe to say is that user expectations have undoubtedly changed due to the digitalisation of our lives at home and at work. At the ECB, we receive many inquiries and comments from individuals and companies across Europe about retail payments. We are frequently asked why, in this age of real-time communication, e-payments take longer than e-mails.
Users expect retail payments to be like other digital content: easy, secure, not obstructed by national borders – and instantaneous. Let me make another point about the music, publishing and media industries. We have seen that while the sales of CDs and printed newspapers are declining, they have not  BIS central bankers’ speeches  1  disappeared.