In the opening speech of the “Technological innovations in payments and beyond” Conference, the Governor of the Banque de France, François Villeroy de Galhau warned against the risks associated with payments innovation.
He said “By contrast, the current profusion of new
technologies, standards and protocols that are not fully interoperable,
at least at this stage, constitutes a potential risk of market
fragmentation. Additionally, they could lead to some kind of social
fragmentation, if the new A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More means are less accessible to the less
He added that technological innovation “raises challenges in terms of fraud and security, given the multiplication of actors involved in payment and financial processes, the higher circulation of personal data as well as the multiplication of potential “points of failure”.
The full speech is available here.