How will PSD2 change the world?
On 13 January 2018, the second Payment Services Directive (PSD2) officially came into force across Europe. PSD2 is designed by the countries of the European Union and could revolutionise the payments industry, affecting everything from the way we pay online, to what information we see when making a payment.
PSD2 will break down the bank’s monopoly on their user’s data. It will allow ‘merchants’, businesses like Amazon, to retrieve your account data from your bank - with your permission. That means when you buy something they can make a payment for you, without having to redirect you to another service like PayPal or a credit card company
The global payments market is rapidly growing as an increasing number of consumers shift from cash to credit cards and in particular other payment methods.
So, ING has made a smart move today
ING has bought a majority stake in payment processor Payvision.
ING said on Monday it has agreed to buy a majority stake in payment group Payvision as the Dutch lender looks to boost its foothold in the payment processing market.
The lender’s business clients will be able to accept payments through “any channel” including online stores and through retail terminals by using the Payvision platform.
Non-cash transaction volumes globally are expected to reach 726bn per year by 2020 from 433bn in 2015, according to research by Capgemini and BNP Paribas.
We will bring PSD2 to you!
Join us for an informal workshop exploring PDS2 within the changing payments landscape. Hear from an industry expert who will help you navigate your way through this often complex environment.