According to Vincent Roland-vice president, First Data in the EMEA region-we have been witnessing dramatic changes in the payment value chain. The pace of growth depends on the advancement in the technology and will increase compliance requirements, standardization and hence a rise in industrialization.
Since the 2008 financial crisis, there has been an amazing improvement in the European payment industry, especially in the banking sector. The payment values chain has witnessed a tremendous rise in industrialization, with the ecosystem increasingly becoming centralized and automated.
A major transformation in the banking and financial industry is brought about by acquisitions and mergers. As a result of acquisitions and mergers, some domestic companies have evolved into global players and have captured a big portion of the world. Global standards such as Payment Card Industry Data Security Standards and EMV are reducing technological barriers and driving standardizations to enter the global market.
Until now, the number of consolidation on the domestic level is far higher than the international level. While a major portion of the consolidation has been among the big players in the market, the potential of the new startups in the market should not be ignored. We have had so many new startups making an impact on the financial sector and changing the way money moves. In addition, internet-based money processors are very different from physical money processors.
