"Europe's conceptual lead faded away before the fearmongering of banks, causing them to rewrite the eMoney directive in favour of experimental approaches to money (and open up the "real" payments market)."

What do you mean by this Ian? I agree that the e-money directive was torpedoed by banks and therefore didn't lead to real change, but on the other hand I think it is also fair to say that the PSD, which only came into force last November, is already having an impact.

Hi Dave,
I rewrote that paragraph to be more clear. I was trying not to spend too much time on the sad old history, but I guess I compressed it into a mush.
iang