Picksell and the current EU payment systems climate : a market analysis and potential exploration for Picksell Ltd

Abstract

In the thesis, the relation between payment systems, e-commerce solutions, PSD2 and Picksell Ltd are explored. The author attempts to explore Picksell’s market positioning and how the new start-up company addresses the newest directives from the European Union. Especially in relation to the Finnish payment systems climate. The study attempts to answer the question: How does Picksell compare in the online payment systems market, and what is the current market climate? In doing so, the thesis also attempts to answer the questions: How does Picksell addressthe PSD2 initiatives set forth by the European Commission? and finally, What is Picksell’s market placement, and how should Picksell proceed in the Finnish market?

To begin, the author researches and describes the current most common payment solutions, and especially the decline in the use of cash. Analysing the theory of a cashless society, the author shows the trend in online payment systems becoming the majority. In addition to this, the author utilizes a SWOT and PESTEL analysis to further describe Picksell’s positioning.

Data was collected from primarily secondary resources, online and offline literature and recent studies. Additionally, most information about Picksell was obtained in partnership with Picksell Ltd.

Picksell changes the online banking and payment world by directly connecting between each customer and merchants banks. This revolutionary concept is cutting out the many middle men in the banking and transactions world. IT eliminates the need for a physical payment card and any other payment system or clearing houses.