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@FrankNolden: It's a well-documented fact that credit card drives overspending. By discouraging credit card payments, retailers are losing out on revenue upsides. If they still opt to do so in certain markets and shoot themselves in the foot in the process, it's probably a reflection of saturation level and limited growth potential available in those markets for reasons regardless of payment methods.

@DavidOram + 1. As a consumer, I've preferred credit card over all other methods of payments because it's the only MOP that gives me rewards, deferred payment and fraud protection. Several new MOPs have come and gone during my 30 years of credit card use and not one has matched these benefits of credit card. Unless they can change that, all these retailers and fintechs are just deluding themselves that they can disrupt credit card payments.

@JamesAndrew: No such luck for London cabbies and taxi companies. I was recently testing the app for work-related reasons and stumbled upon availability of Uber cabs between my ex-home and customer's office in London. I found out that Uber continues to operate in London, pending decision on its appeal. 

What are PFMs there for? With the kind of account access they'll get out of PSD2, they should provide timely warnings about events that impact account balance, cash flow, fees and fines. I should add this as another PFM killer feature in A Killer Feature For PFM On The Eve Of PSD2. Although I don't recall its name, a fintech recently launched a service in USA that shields customers from overdraft protection fees, and it didn't even need PSD2.

All bubbles burst in the steady state. They end badly but only for the people who're caught holding the parcel when the music stops. In the run up to the burst, many times more number of people make lots of money as the bubble grows in the transient state that lasts several years. Not surprisingly, burst of past bubbles has never stopped future bubbles from forming. The list at the end of your post is adequate testimony.

I read the figures slightly differently: 27% have "switched"; a *further* 26% are "considering a switch"; ergo, "not considering switch" = 100-27-26 = 47% only. IOW, "a majority will switch, if not already switched".

Challenger Banks are VC-funded companies. Anecdotally, at this (nascent) stage of their evolution, customer acquisition is all that matters. Even if most of the customers are only tirekickers, it doesn't matter for its valuation and next round of funding. It's only if / when the valuation froth fizzles out and funding becomes scarce that normal business metrics like revenue and profit will start mattering. That's when we'll really know whether traditional banks start behaving like challenger banks or challenger banks start behaving like traditional banks.

"Customers are on the precipice of embracing future technology and new products,..".

Precipice? I hope they don't fall into a deep abyss from the precipice:)

Not so long ago, many finsurgents used to claim that the payments business of banks will be disrupted by this very same MCX!

Offering a better product and better service to people whom banks don't want to serve would be disrupting whom? Not banks surely.

EARNY is a great example of a niche-PFM that supports the killer feature: Recommend-and-Execute.

Credit card redemption startup Earny raises $9 million

After reading about Earny, I thought of one more item on the PFM wishlist:

"Never let my rewards lapse". PFM alerts customer to reward points about to lapse, offers to place the redemption order and follow up with the bank to ensure that the gift is delivered. 

As I highlighted in Bank Insources Credit Card Reward Redemption Theft, the redemption process is full of friction and PFM can help ensure that customer doesn't lose out on their rewards.