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The recast Payment Services Directive (PSD2) will have a dramatic effect on the EU’s payment landscape, providing the framework for the evolution of the FinTech Industry and effecting changes for traditional payment institutions such as payment card businesses and operators of payment accounts. PSD2 will apply and be of interest to a broad range of banks, card companies, money services businesses, outsourcing suppliers and mobile network operators. For new entrants it provides opportunities and for incumbent firms it will create challenges. Evolution or revolution? While PSD2 builds on the current framework it will be a key enabler of the payments revolution. Changing customer behaviours mean that incumbents must review their business models to make themselves everyday banks and partners of their customers. The alternative will be to be used as a utility service.

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