{"id":5516,"date":"2020-06-23T17:14:13","date_gmt":"2020-06-23T17:14:13","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5516"},"modified":"2020-06-28T21:31:28","modified_gmt":"2020-06-28T21:31:28","slug":"rise-of-the-platforms","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/23\/rise-of-the-platforms\/","title":{"rendered":"Rise of the platforms"},"content":{"rendered":"

Big tech firms like Google, Facebook, Apple, Alibaba and Tencent want our payments data. Are we right to share it with them?<\/p>\n

\u201cThe entry of BigTechs into the provision of payment services raises serious market power and data privacy issues,\u201d Agust\u00edn Carstens, general manager at the Bank for International Settlements (BIS),\u00a0said recently<\/a>.<\/p>\n

Although these tech firms have often only been in business for a decade or two, their market valuations are now many multiples higher than established payments players like the big banks or the credit card companies.<\/p>\n

According to Carola Westermeier, our guest on the latest New Money Review<\/em> podcast<\/a>, we\u2019re witnessing a growing \u2018platformisation\u2019 of finance as the internet companies seek to monitor our financial activity while we\u2019re using their websites and apps.<\/p>\n

\"\"<\/p>\n

Carola Westermeier<\/em><\/p>\n

\u201cAccess to transactional data has geopolitical implications\u201d<\/p><\/blockquote>\n

\u201cThe ambition of tech-driven companies to gain access to financial infrastructures is closely linked to the growing importance of transactional data,\u201d Westermeier wrote in a recent paper<\/a>.<\/p>\n

\u201cPayment services such as Google Pay, Amazon Pay and Apple Pay have built their platforms on top of these existing payment systems to collect that data,\u201d she says.<\/p>\n

\u201cAccess to transactional data and control of payment infrastructures has political relevance and even geopolitical implications,\u201d Westermeier says.<\/p>\n

In the podcast, she explains why financial transaction data is so important and suggests that citizens worldwide need to use the financial system in a more conscious way.<\/p>\n

She describes the three models currently being used by tech firms to try to build payments businesses and explores their prospects of success.<\/p>\n

Westermeier discusses the tensions created by the rise of digital payments and the declining use of cash.<\/p>\n

And she talks about the competitive playing field in payments between new entrants and incumbents.<\/p>\n

Below are some key quotes from the podcast:<\/p>\n

***********<\/p>\n

\u201cOur financial records tell a lot about us, our social networks and our activities.\u201d<\/p><\/blockquote>\n

The importance of financial information<\/strong><\/p>\n

\u201cOur financial records tell a lot about us, our social networks and our activities.\u201d<\/p>\n

\u201cIt\u2019s important to raise awareness amongst consumers that they are producing a lot of data with their financial interactions. That\u2019s the first step towards a more conscious usage of the financial system.\u201d<\/p>\n

BigTechs build on existing financial infrastructures<\/strong><\/p>\n

\u201cTech companies don\u2019t want to be banks themselves: they don\u2019t want to meet all the regulatory demands. What they want to do is to embed payments within their platforms. Increasingly, technology-driven companies seek to build their business models on top of financial infrastructures.\u201d<\/p>\n

Europe led the way in promoting tech platforms<\/strong><\/p>\n

\u201cInitiatives like Europe\u2019s Payment Services Directives and Open Banking are inherently a push towards platformisation. They demand that banks grant access to their customers\u2019 accounts, subject to the customer\u2019s consent.\u201d<\/p>\n

\u201cThe [tech firms] who use the application programming interfaces (APIs) of banks want to gain the information about financial transactions, but they have little to give back. So far banks have no plan about how to use this kind of interaction in a reciprocal way.\u201d<\/p>\n

\u201cIf users decide they want to use, say, Apple or Facebook to access their financial information, then banks will be reduced to an infrastructural role: banks will hold the account information and do the regulatory work, but users will experience their finances through the apps of Apple, Facebook and so on.\u201d<\/p>\n

\u201cIncreasingly, money is data.\u201d<\/p><\/blockquote>\n

Money is data and data is money<\/strong><\/p>\n

\u201cIncreasingly, money is data. With cash you only have the value of the money itself\u2014you don\u2019t know where it comes from. But with electronic forms of cash you can draw a network graph: there\u2019s a lot of information within the transaction itself. While the value of the exchange is decreasing [in importance], the information that the exchange generates is increasing in importance.\u201d<\/p>\n

Fintechs become less disruptive<\/strong><\/p>\n

\u201cMany fintechs, who started off by challenging the established system, have now moved towards a direction of cooperation with banks.\u201d<\/p>\n

Tensions over cash and digital payments<\/strong><\/p>\n

\u201cCash is obviously the most anonymous way of performing a payment. It should still remain an important option within the system. We still have largely cash-based countries like Germany, but then we have countries like Sweden with largely digital payments.\u201d<\/p>\n

\u201cThe security authorities would be happy to have a lower cash limit to combat money laundering. And with coronavirus there\u2019s been a push towards non-cash payments.\u201d<\/p>\n

Regulating the platforms<\/strong><\/p>\n

\u201cPlatforms are becoming increasingly subject to regulation, since they are where radicalisation and hate speech happen. In financial services, they haven\u2019t up to now been the biggest players, so they haven\u2019t been the main concern of regulators. The requirement on Paypal, for example, to identify yourself before making transactions is the first step in the direction of regulation.\u201d<\/p>\n

\u201cBut it might still be the case that the banks perform the identity verification, since you need to provide this information before opening a bank account.\u201d<\/p>\n

Apple Pay\u2019s entry into Europe <\/strong><\/p>\n

\u201cThis is an interesting test case of the interaction between financial services and BigTech. I\u2019m eager to see if Apply Pay becomes a medium for financial transactions. But it\u2019s a political question as well.\u201d<\/p>\n

Facebook\/Libra<\/strong><\/p>\n

\u201cFacebook\u2019s Libra project challenges the whole established financial system, which is why regulators quickly said, \u2018OK, we have to be very careful with this\u2019.\u201d<\/p>\n

\u201cEveryone\u2019s interested to see how widely it will be used and whether this will become a global currency. The question of how to transfer money globally is a super-interesting one.\u201d<\/p>\n

To listen to the podcast, click here<\/a><\/em><\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Big tech firms like Google, Facebook, Apple, Alibaba and Tencent want our payments data. Are we right to share it with them? \u201cThe entry of BigTechs into the provision of […]<\/p>\n","protected":false},"author":3,"featured_media":5514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1053,1026,1014],"tags":[1782,1262,1783,1055,1246,1471,1343,1781,1331],"class_list":{"0":"post-5516","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-1","8":"category-latest-slider","9":"category-payment","10":"tag-alibaba","11":"tag-apple","12":"tag-carola-westermeier","13":"tag-facebook","14":"tag-google","15":"tag-libra","16":"tag-payments","17":"tag-platforms","18":"tag-tencent"},"yoast_head":"\nRise of the platforms - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/23\/rise-of-the-platforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rise of the platforms - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Big tech firms like Google, Facebook, Apple, Alibaba and Tencent want our payments data. 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