Transforming Payment Systems in Europe

Transforming Payment Systems in Europe - Front cover

Edited by Jakub Górka
Published by Palgrave Macmillan

The European payment market has undergone rapid transformation in recent years due to changes in payment habits, new business rules and new legal frameworks and regulation. There has also been an advent of new technologies and payment solutions which has altered the European payments landscape drastically.

This book provides an overview of the key issues involved in this new payments landscape. The authors discuss fundamental problems such as substitution between cash and non-cash payment instruments, payment costs, the economics of fees, and the demand for cash and deposit money. They also analyse issues such as two-sided markets, business platforms and the problem of critical mass.

Other chapters focus on new phenomena in payments such as mobile payments, multi-sided platforms, electronic wallets, virtual currencies, decentralised ledgers, private digital currencies, blockchain and instant payments. The authors also review existing regulation for the topic including the revised Payment Services Directive (PSD2), Interchange Fee Regulation (IF/MIF Reg), and the Single Euro Payments Area (SEPA) project.

Transforming Payment Systems in Europe offers insight into changing payment culture and the ways in which new payment systems can create a single digital market to foster further integration in Europe.


  1. A Market for Payments: Payment Choice in the 21st Century Digital Economy [Jürgen Bott and Udo Milkau]
  2. Europe: The Shift from Cash to Non-Cash Transactions [Janina Harasim]
  3. Could ‘Nudges’ Steer Us Towards a Less-Cash Society? [Leo Van Hove]
  4. Cash Holdings in Germany and the Demand for “German” Banknotes: What Role is there for Cashless Payments? [Nikolaus Bartzsch and Franz Seitz]
  5. Regulating Interchange Fees for Card Payments [Nicole Jonker]
  6. IBANs or IPANs? Creating a Level Playing Field between Bank and Non-Bank Payment Service Providers [Jakub Górka]
  7. Mobile Payments: The Second Wave [Malte Krueger]
  8. Decentralised Blockchained and Centralised Real-Time Payment Ledgers: Development Trends and Basic Requirements [Harry Leinonen]

The book is available for purchase in bookstores globally, inter alia under this link