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European electronics payment market report 2022 - the emergence Of buy now pay later
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We consider the European payment market using proprietary data on FinTech startups.
Applying the perspectives of various interview partners, we examine the effects of PSD2 and
Open Banking on the payment industry and the emergence of new payment verticals, and
evaluate “Buy now, pay later” as one sub-category and the implication of an economic
downturn. We find that the adoption of PSD2 and Open Banking in Europe and the UK led to
more competition from third-party providers and financial inclusion. However, the European
market is still fragmented in terms of different APIs, which will need to be further regulated by
a new scheme from the European Commission in the next two years. Our findings regarding
the BNPL industry suggest that the development of this market segment is highly dependent on
external market conditions such as rising interest rates and the payment behaviour of consumers
as BNPL FinTechs struggle to supply competitive financing at scale.
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Fintech Europe Payments Electronic payments Regulation Psd2 Open banking Bnpl Credit Lending Klarna Interest rate Consumer behaviour