Innovations of the European Digital Space in the Banking Payment Services Market

Abstract The article examines the specifics of the development of the banking payment services market in the context of the European vector of the development of the digital economy. It is proven that modern banks operate in a state of rapid and irreversible technological changes, where dynamic fluctuations of the banking services market under the influence of constant changes in customer behavior require innovative payment tools and regulatory levers of payment systems in the global digital space. It is justified that the payment system at the mega-economic or global level is a “digital platform of electronic payments” of those states that provide international payment flows coordinated by payment instruments and regulated by the payment systems oversite. Areas of ensuring confidentiality and security of banking customer service are developed on the basis of modern online banking and FinTech innovations. From the point of view of the control function, the payment system oversight is a regulatory lever of the market of bank payment services, which ensures the safety and efficiency of the functioning of electronic cash flows, their monitoring in payment systems, and it is also a digital tool for the confidentiality of information.