Trends in payment intermediation – global perspective of the role of banks and non-banks

Abstract

Purpose – The aim of the paper is to assess the role of banks and non-banks in payments from a global perspective using a comprehensive approach. The considerations are also focused on the determinants of possible changes in this area in the future.Research method – The research methods applied in the study include the literature review and the critical analysis of available empirical research results in the field of payment intermediation. The analy-sis based on desk research is focused on changes in payments trends observed worldwide. Results – The research leads to the conclusion that despite the significant role of nonbank entities on the payment services market, banks continue to be important elements of payment systems. There are no commonly used solutions that are fully separate from banking systems, and there is no doubt that this will not change in the nearest future. However, payment innovations combined with changes in regulations and central bank strategies may alter the use of both bank money and the banking infra-structure in payments.Originality /value / implications /recommendations – The paper contributes to the discussion on trends leading to a change in the role of banks and an increasing role of non-banks in payment intermediation. It investigates the problem from a global perspective and using a comprehensive approach. Its novelty lies also in the approach based on four distinguished stages of the change of the banks’ role in paymentsystems