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Mobile Solutions

More pay services are forcing their way onto the market

Pay via smartphone – there is no unified solution in sight, on the contrary: With the renewal of the European Payment Services Directive (PSD), banks have lost their monopoly on account data, paving the way for even more third-party suppliers.

09 Mar. 2018 Isabelle Reiff
Source: ibi research an der Universität Regensburg
Source: ibi research an der Universität Regensburg

The market for mobile pay services is highly diversified. This is only set to become more intense following the renewed EU Payment Services Directive: The PSD2 directive means that banks are obliged to set up interfaces for other pay service providers. But local businesses are not particularly happy about handing over business to foreign providers. That is why banks and savings banks started providing their own solutions for turning the smartphone into a wallet some time ago.

The same applies for retailers in Germany. While Google is currently starting its third attempt to establish a payment service, the Metro Group is investing in the London startup Yoyo, whose platform couples mobile payment with customer-retention and bonus programs. Supermarket chains such as Netto or Edeka have already been offering their customers payment apps for a long time.

Paying via mobile should speed up payment processes and reduce costs related to cash handling. Current guidelines from the Mittelstand 4.0-Agentur Handel , an agency providing advice for SMEs in the digital age, show the range of different technologies being used in this industry sector. The internationally active market research agency Allied Market Research predicts that turnover with mobile payments will increase globally by 33.8% between 2017 and 2023, with the Asia-Pacific region leading the way. Mobile payment hasn’t really taken off in Germany so far.