Following the EU’s adoption of its revised Payment Services Directive (PSD2), an industry player has said it will cause “the collapse of the traditional banking infrastructure.”
PSD2, which allows third-party companies to offer banking services to consumers, could eventually transform banking in 67 countries worldwide through a ripple effect.
Speaking to South African tech publication Gadget, Thomas Pays, CEO of i-Pay, a startup set to benefit from the legislation, said 2017 would be a watershed moment.
“You are actually looking at the collapse of the traditional banking infrastructure and a rebirth of banking as we know it,” he stated.
Sourced through Scoop.it from: cointelegraph.com