##isation in payments? and what should or must the industry do to foster innovation and to keep pace in the digital future? i would like to mention two key concepts here : updating existing payment systems, for example via instant payments, and central bank digital currency ( cbdc ), specifically the project on a digital euro. nowadays, most people do not wait for the morning newspaper to be delivered in order to inform themselves – that is, if they have still subscribed to one. neither do they wait for the 8 or 9 o'clock television news. instead they receive information in almost realtime via the internet. while news and media are available instantly, according to current legislation sepa payments must be credited to the recipient's account within one working day at the latest. a big step towards faster payment execution was the establishment of the sepa instant credit transfer rulebook by the european payments council in a joint effort of the european payments industry. and central banks in the euro area launched the target instant payment settlement system – tips for short – in 2018. tips ensures the reachability of almost all institutions in payments throughout europe. to further facilitate the usage of instant payments in the market and to make instant payments the new normal, the european commission is currently developing a regulation which is due to be presented by the end of this year. here in spain, the bizum solution shows how great the potential is. it seems that more than 40 % of all credit transfers in spain are already instant. and statistics show that instant payments are not only substituting traditional credit transfers, but have also generated new volumes and new business cases. according to the ecb blue book, around 400 million additional credit transfers were processed in spain. instant payments are also suitable for new payment solutions with pan - european reach. we would benefit from a cashless european solution that works from the cabo de sao vicente in portugal to buy the famous " last bratwurst before america " to saariselka in the north of finland to pay for a snowmobile safari through lapland. thanks to european governance, a pan - european solution based on instant payments could be the basis for strategically important alternatives to the payment offerings of international bigtech firms and card schemes. for european banks, meanwhile, bank account - based 3 / 6 bis - central bankers'speeches payment solutions using instant payments offer an opportunity not to lose access to the customer side in payments. 4 new means of payment but beyond the development of instant payments and in

smartphone owners have already paid using digital wallets, total mobile payments still account for only 3 % of all daily payment transactions. in contrast, mobile payments saw a tremendous uptake in spain thanks to " bizum ". bizum, the instant payment service, allows users to make real - time payments from their bank account to other persons and merchants with their smartphone. users would in 1 / 6 bis - central bankers'speeches fact only need the recipient's mobile number to send them money. in madrid, you even see street musicians who accept bizum, a situation where in germany one would still pull out coins – or maybe banknotes, if it turned out to be a famous singer. since its launch in 2016, more than 1. 3 billion bizum payments have been made. 3 the spanish banks running the service are very satisfied with the success – from what i have heard up to today. this leads me to ask which players will form the payments market of the future. 2 evolving market structures and new entrants today, the payments market is a symbiosis between the private and public sector. central banks provide access to money in the public interest. visibly to the public, they provide banknotes and distribute coins. they also operate their own financial market infrastructures, settling in central bank money and serving as the backbone for the entire payments infrastructure. in this way, central banks ensure safe and efficient payments, which is the blood - flow that keeps an economy alive. the private sector, on the other hand, operates mainly at the interface to the customer. commercial banks maintain customer accounts and have a long - standing history of managing the customer experience. the private sector drives the momentum that allows innovation to unfold. however, the european payments industry faces challenging times. we are seeing many new players enter the payments market with new business models, and with a good feel for user needs. as a result, payments are becoming increasingly " embedded " in fully digital transaction value chains and " enriched " with additional services like the " buy now – pay later " products that are very popular at present. bigtech players are leveraging their existing digital platforms with large customer bases to enter new markets. for instance, the dominant force in e - commerce in germany has, for a long time now, been amazon – which also offers a payment service of its own. google pay and apple pay are two other bigtech players that offer their payment services in a wide range of countries