previous relationship with. we download or stream music and movies. we order taxis through a smartphone app. to maximize convenience, we demand tailored payment solutions increasingly often. businesses are in a similar situation. in e - commerce the purchase is often aborted if the payment method is not quick and convenient enough. they want to be able to offer payment alternatives that customers want to use. this new technology has not only created a demand for new or improved payment services, it has also provided payment service providers with new channels through which their services can be supplied. the growing number of mobile payment services is an example of this. a number of challenges for the banks banks have dominated the retail payments market for a long time and they still have a strong position. they are the “ factories ” of the retail payments market. they are usually bis central bankers ’ speeches large scale and sell standardized payment services. however, they have to meet a number of challenges. one challenge relates to the fact that banks operate on a vast scale providing payment services that can be used in a broad variety of situations. in an environment that quickly changes and where tailor - made payment solutions are increasingly demanded, it is a tall order to meet such a variety in demand. we should also remember that the core business of banks is financial services including payment intermediation. they are not technology firms even though they are heavy users of technology. innovation in payment services is usually not a question of inventing a wholly new payment process from account to account. rather it is taking some service that is already out there and offering a new way of accessing that service. as an example, many mobile payment services and electronic wallets are just new ways of initiating card payments. a recent example is apple pay. the possibility to create new access channels provides opportunities for nimble firms that are not banks to act as middle men and provide interfaces that facilitate the initiation of the underlying, more old - fashion payment. remember that payment initiation services and third - party providers have been at the centre of the discussions on the new payment service directive. these firms don ’ t compete outright with the banks and in some cases they may even directly cooperate with them. in other cases, the non - bank may compete directly with the banks. it may even have built its own infrastructure or account structure through which it processes payments. this is most likely in cases where the non - bank already has a kind of network that it can adapt and utilize for payments. telecom operators and internet service providers are

is temporary and that there is reason to expect lower inflation as early as the late spring and summer. although, as i said earlier, this assumes that those setting prices and wages do not attempt to compensate themselves for the temporary price rise. all in all, it is a question of balancing the risks of, for instance, a weaker growth in the economy, against the risk that the upturn in inflation will have contagion effects. this is what the executive board must do at its monetary policy meeting on 17 march. chart 1 und1x including and excluding energy und1x und1x excluding energy sources : statistics sweden and the riksbank