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The revised payment services directive (PSD2), has changed how the retail banking market
works today. The new directive obligates banks, with the consumer’s consent, to provide
access to account information and thus open up the market for new actors. This study aims
to provide an understanding of the effect PSD2 have on the retail banking market in Spain
and how the players are acting to cope with the changes it entails. To gain in-depth knowledge
about the Spanish payment market, four semi-structured interviews have been conducted
with subject matter experts. The empirical results of this research conclude that a
collaborative relationship between banks and TPPs will facilitate the successful
implementation of PSD2 in Spain. Furthermore, the effective use of bank´s customer data has
become the key competitive advantage for the future thanks to Open Banking. Lastly, the
entrance of BigTech’s into the payments market threatens the banks' positions.
