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The French competition authority, called the Autorité de la concurrence, is seeking feedback from the public and fintech executives on the evolution of the payments industry. The regulator wants to understand the latest developments in blockchain, cloud, cryptocurrency, digital wallets and their impact on payments.
The competition watchdog observes the rapid development of Crypto Assets and Blockchain
Last week, the competition regulator launched a survey focused on the fintech sector. Specifically, the agency is interested in the impact of innovative technologies such as blockhain and cloud on payment services.
The Autorité de la concurrence wants to know how new players entering the market will interact with traditional banking solutions. The survey will help the watchdog understand whether startups and blockchain and cloud companies are bringing competition to old-fashioned banking.
The regulator said that technological innovations have changed both the supply side, as crypto and cloud companies offer new possibilities, and the demand side, as more and more consumers are looking for payment systems in line with the latest. trends.
The competition authority mentioned how Apple, Facebook and Google are entering the payments industry. These giants, along with many startups, are directly challenging the banks.
Here are some of the questions
Respondents must submit their responses by June 19th. Some of the questions are as follows:
- What do you think of the arrival of the main digital players in the payment sector in France?
- Do you think the main digital players compete or complement the services offered by banks?
- What do you think are the impacts of technologies such as “cloud” and “blockchain” on the functioning of the payment services sector?
- Would you be able to identify the competitive problems associated with crypto-asset development?
- Would you be able to identify the competitive risks associated with the use of blockchain technology by some players in the sector of new technologies applied to payment activities? If so, which ones?
Banks could really lose their dominance
The interest of the French regulator is well founded, as the banking giants could lose their dominance in the payments market. With or without Libra, many consumers already use cryptocurrencies for payments more often than we think, at least according to a recent study from Visual Objects.
In recent months, more cryptocurrency and blockchain companies have expanded their offerings to allow users to shop with cryptocurrencies. Starting in March, Android users can link their Coinbase card to their Google Pay wallets. Elsewhere, CoinPayments announced a strategic partnership with Shopify last week.
