As the retail industry increasingly adopts cashless payment solutions across a multitude of different platforms and technologies, differences in approach are emerging between European nations. Luc Holper examines the characteristics of payment systems around the continent
According to the central bank, Banco de Portugal, post-recession growth potential in the banking sector exists in terms of electronic payments, both from consumers and businesses. In terms of payment channels, credit transfers held the highest channel share of 77.9% in 2013, followed by check payments with the second-largest channel share of 10.3%. With consumers shifting to modern electronic payment systems, the channel share of card transactions increased from 3.9% in 2009 to 5.7% in 2013.
The digital age has brought choice – unprecedented choice – to our fingertips. At the click of a button we can find recommendations from peers on which car to buy; with one swipe we can compare the best deals on exotic getaways. Choice is no longer a luxury, but an expectation. A wave of innovation in the financial services sector in recent years is now bringing this same level of choice to a sector that was long dominated by a handful of traditional bank incumbents, writes Richard Wagner