The Alipay effect on European banks

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Today, I wrote a piece for Forbes about Alipay’s latest announcements and how they alone have the potential to fundamentally disrupt powerful EU-banks come PSD2.

Screenshot from the App Store

The two announcements discussed are Alipay’s new e-money license and that Chinese tourists now use mobile payments with more than cash when they’re travelling abroad. In this piece, I discuss the background for these announcements, European payment trends, the payment giant’s abilities post-PSD2 and options for banks sitting within the EU’s jurisdiction.

Read the full piece here.

I strongly believe that banks within the EU have limited options. The best will be that which allows them to a distinct level of control over their existing payments channels and a share in the revenue of new payment solutions.

Auka pioneered the mobile payments space in the Nordics and launched the first mobile wallet in Norway in 2014. We now offer Settle, a standardised and easy to join mobile payments solution.

Settle offers financial institutions the ability to protect their market position, monetise their customers and fight the competition from tech giants.

With Settle looking to cover large parts of Europe, we seek to help Europeans do what the Chinese have proven to be true; people want to pay in a variety of situations, more easily, using just their mobile phone.

To find out more, get in touch.