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The instruments used by regulators to promote competition and integration in the face of problems such as those related to payment methods can generate disincentives, especially in the absence of adequate information to guarantee the rationality of agents. This is particularly relevant because these markets exhibit particularities and asymmetries that differentiate them from other more traditional markets (different sides, network economies, cross-transfers, hidden costs, large externalities, and so on), characteristics which make them more dependent on the quality and quantity of information. Therefore, when this information is inadequate, more failures than can be solely attributed to market regulation tend to occur. In this paper we argue that interventions in "two-sided" payment cards markets (2SMs) to reduce costs to merchants may in the end harm the interests of consumers and discourage penetration of cards as a payment method and their increased use in retail operations. In our study we analyze and simulate the effects of the legislative package on electronic payments proposed by the European Commission in July 2013, which seeks to force a top-down convergence, similar to that designed for domestic interest rates with the euro, and which has proven to be a failure during the recent debt crisis.

Payments market is undergoing critical changes, deriving from technology and legislative regulations. Banks face increasing competition from new players in the market and need to adapt their decisions according to the new framework. Retail payments, a major service that banks provide to their customers, and contribute to their revenues, are more subject to digital evolution. Both strategic and tactical decisions referring to payment systems require appropriate tools that integrate knowledge from complementary scientific disciplines, and provide intelligent assistance to decision makers. Multi-agent modeling and simulation is becoming popular in various fields and especially in social and economic studies, as it provides a bottom-up approach to domains with high complexity. This paper introduces an architecture towards a decision support system based on multiagent based simulation (MABS-DSS), The proposed architecture is oriented towards the retail digital payments domain, but nay be extended to relevant domains with similar characteristics. The paper demonstrates the initial architecture of the proposed MABS-DSS, which utilizes multi-agent based simulation, as a valid approach for decision support in domains with network effects. © 2005 IEEE.

After demonetization and ongoing COVID-19 situation in India people are getting used to use digital mode of payment using digital money for paying their bills, utility charges and shopping expenses. Earlier credit/ debit card payment were used mostly to pay at petrol pump and shopping malls, nowadays, people are having various digital platforms as alternative to pay like UPI and E-wallets There are many banking institutions who are providing the facility. Other than government there are some private players who are providing digital payment facility such as Paytm, PhonePe, Google Pay etc. and they are popular in public due to many reasons like cash backs, discount, referral money etc. The latest entry in the market is of "Whatsapp Pay". "Whatsapp Pay", is the payment facility for the users of Whatsapp Messenger. The app is backed up by the social media giant Facebook with millions of Whatsapp users in India as well as in world. In this research paper the author is trying to understand what could be the possible impact of Whatsapp Pay on the existing digital money market and players who have invested millions to get hold of the market and viewpoint of the users of digital mode of paying money.

Motivation: The payment services sector has become one of the main areas for the development of financial innovation and the key element of the digital economy. However, the payment services market in the European Union (called the European Payments Market) is still fragmented along national borders, insufficiently integrated, and facing several challenges. Therefore, the newly announced Retail Payments Strategy for the EU is a document of great importance for the future of the entire EU economy, and deserves in-depth study. Aim: The purpose of this paper is to assess whether the trends and challenges identified by the European Commission in the Retail Payments Strategy, and the general directions and proposed actions presented in this document, appropriately reflect the challenges faced by the European payment market. Results: A comparative analysis of the Strategy's assumptions and proposed actions was conducted, in relation to the identified challenges of the payment sector. The empirical data were derived from a survey of 202 experts from all EU member states, and the UK, Norway and Switzerland, covering all types of bank and non-bank payment market players. The analysis confirmed that the Strategy identified the main challenges and opportunities, in line with the results of the expert survey: the need for further development of open banking; cross-border integration and development of instant payments systems; and ensuring access to the banking payment infrastructure, including contactless and NFC mobile payments. However, the proposed directions of action in selected areas have not been sufficiently rationalised, and most of the actions have been left to be specified in the future. In addition, the Strategy relies mostly on the use of regulatory tools that may limit innovativeness. Although the Commission and the surveyed experts agreed in recognising the challenges related to the increasing role of BigTechs in the payment sector, no comprehensive solution addressing the related challenges was proposed in the Strategy.

Motivation: The payment services sector has become one of the main areas for the development of financial innovation and the key element of the digital economy. However, the payment services market in the European Union (called the European Payments Market) is still fragmented along national borders, insufficiently integrated, and facing several challenges. Therefore, the newly announced Retail Payments Strategy for the EU is a document of great importance for the future of the entire EU economy, and deserves in-depth study. Aim: The purpose of this paper is to assess whether the trends and challenges identified by the European Commission in the Retail Payments Strategy, and the general directions and proposed actions presented in this document, appropriately reflect the challenges faced by the European payment market. Results: A comparative analysis of the Strategy's assumptions and proposed actions was conducted, in relation to the identified challenges of the payment sector. The empirical data were derived from a survey of 202 experts from all EU member states, and the UK, Norway and Switzerland, covering all types of bank and non-bank payment market players. The analysis confirmed that the Strategy identified the main challenges and opportunities, in line with the results of the expert survey: the need for further development of open banking; cross-border integration and development of instant payments systems; and ensuring access to the banking payment infrastructure, including contactless and NFC mobile payments. However, the proposed directions of action in selected areas have not been sufficiently rationalised, and most of the actions have been left to be specified in the future. In addition, the Strategy relies mostly on the use of regulatory tools that may limit innovativeness. Although the Commission and the surveyed experts agreed in recognising the challenges related to the increasing role of BigTechs in the payment sector, no comprehensive solution addressing the related challenges was proposed in the Strategy.

Retail payment systems play an important role in the smooth functioning of an economy and inefficiencies in the retail payments market can have cascading effects throughout the economy. While there are a number of issues that are responsible for the persistence of inefficiencies in retail payment markets, the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. In order to develop such a strategy, it is important to economically substantiate the migration from less cost-efficient retail payment instruments (typically cash and paper-based instruments) to more cost-efficient ones (typically electronic payments). Overall, establishing a sound economic baseline for national retail payment systems in terms of costs of different payment instruments can better guide system development and enable high-impact changes. This document is designed to serve as a practical guide for central banks and other public or private-sector stakeholders interested in conducting a study on the costs of day-to-day retail payments in their economies. The results of a cost study based on this methodology can help decision makers to agree on the targeted gains in efficiency in their retail payments system, define an implementation plan for achieving a desired future mix of payment instruments, and provide information for all stakeholders involved in the retail payments market.

The article is a review of the
book by professor Stanisław Kasiewicz
entitled PSD2 – krytyczny przystanek na
drodze do nowej ery bankowości. The book
discusses the potential impact of the
amended EU regulations related to the
payment services market on the Polish
banking sector. The book includes considerations
on regulatory policy in the field of
financial innovation as well as the desired
directions for its improvement. The book
also provides analysis of how the development
of financial innovations can impact
the future of the Polish payments market.
Simultaneously, the key areas in the context
of adapting banks to the new market
reality under PSD2 have been identified
by the author.