Apple, Facebook and Amazon primed for PSD2 demolition of the card networks

Quite often people talk about the fabulous opportunities that open APIs at banks will create for small, innovative fintech startups. What has been less discussed, particularly in the early days of PSD2 (Payments Services Directive), was how large internet companies like Google, Apple, Facebook and Amazon (GAFA) were likely to respond.

Come the 13 January 2018, banks will be forced to open up their APIs to any authorised payment initiation service. It is an absolute fact that as soon as this happens the GAFA guys are going to be targeting the big European banks and pushing payments through them rather than going via the card schemes, because PSD2 initiation is going to be much more cost-effective for the merchants and for themselves …


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