Europe | Issue Four | DIGITAL CREDIT FOR SMES AND CROSS BORDER ECOMMERCE
Company case studies: Shine, OakNorth Bank, UK
Europe's own card network: the next disruptor in the making? Enabling omnichannel acceptance of digital payments is increasingly now a key element of the overall development of the payment ecosystem. Broad acceptance will help ach las lasieve digital liquidity by enabling consumers to spend a meaningful amount of the money they receive or deposit into digital wallets, cater to the growth of digital finance, and eliminate or reduce the need for cash. The importance for Europe in building a critical mass of payment acceptors in the ecosystem cannot be overestimated. Without meaningful ways to spend digital monies, consumers (and to some extent any business) are forced to utilize time consuming and costly cash-out mechanisms, which in turn creates disincentives to the growth of digital credit.