A Model of Digital Payment Infrastructure Formation and Development Under a Emerging SEPA Regime

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    Abstract

    The Single Euro Payments Area (SEPA) is probably the most ambitious self-regulatory project aimed at creating a single integrated European digital payments market since the introduction of the Euro. SEPA aims to make EU more innovative and competitive. When considering the SEPA initiative and combining it with the disruptive and innovative nature the mobile phone permeates, the result is a market that is rapidly transforming from well-established into a state of flux. We build a model to understand and explain this transformation of the digital payment infrastructure. The model captures the formation and development of digital payment infrastructure with a particular emphasis on the regulator´s perspective. It consists of four stages characterized by slow incremental change following
    by short rapid bursts of discontinuity. Each stage is portrayed by its evolutionary dynamics, the nature of the payment platform, the legal implications, the regulatory asymmetry, the level of competition, and what drives the discontinuity.
    Original languageEnglish
    Place of PublicationFrederiksberg
    PublisherDepartment of IT Management. CBS
    Number of pages17
    ISBN (Print)9788792524195
    Publication statusPublished - 2013
    SeriesITM Communications
    Number2013/3

    Keywords

    • EU
    • Digital Payments
    • SEPA
    • Multi-sided PLatform
    • Evolutionary Economics
    • Institutional Isomorphism
    • Regulation

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