Can Brexit save cash in the U.K.?
“While PSD2 is a European directive, it has been transposed into the U.K. law, and I think most people assumed that the U.K. would continue to comply fully, irrespective of what happens with Brexit,” said Zil Bareisis, head of retail banking for Celent, who is based in London. “The law would have to be changed to enable such a service.”
“The argument that they will get increased footfall could mean that they get just that. Footfall and the additional cost and no extra spend,” said Gareth Lodge, a senior analyst at Celent, also based in London, adding merchants in rural areas tend to be smaller and get worse interchange rates.