In 2015, the revised Payments Services Directive 2 (PSD2) was announced to come into force within the next years.
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Three years later, Amazon was the first BigTech to enter the European payment market by obtaining an E-Money license in Luxembourg. In 2007, Payment Services Directive 1 was introduced to make the European payment market more competitive by allowing parties other than banks to provide payment services. This article defines BigTechs as large technology companies with extensive established customer networks, dominant in their respective industries (ecommerce, social media, payments, etc.). Due to regulatory and technology forces, BigTechs are entering the European payment market. Traditionally, there are few service providers on the payment market (primarily the major banks, credit card companies and (electronic) payment institutions). For this reason, this article will build further upon existing research by investigating the following research question: What are the direct and indirect influences of BigTechs providing payment services on the European payment market? Introduction Nevertheless, the question remains what the influence of the entrance of BigTechs to the European payment market will be and how BigTechs will change or limit the role of the incumbents. The consequences of BigTechs entering the European payment market is a topic which is increasingly addressed by researchers and regulators. Ten years ago, the first BigTechs started to compete in the European payment market by leveraging their already established large customer base, state-of-the art technology, data processing capabilities, extensive marketing funds and brand recognition.
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