Next year financial institutions in Europe are expected to experience increased competition from nonbanks, which will have gained permission to operate pan-European payment businesses with access to all consumer and business bank accounts. Those competitive threats, made possible by the European Payment Services Directive 2 (PSD2), will be omnichannel — in-store, online, mobile web, and in-app. Currently, mobile payments in Europe include the initial efforts of Mastercard (Masterpass), as well as those of Apple (Apple Pay), Samsung (Samsung Pay), and Google (Android Pay). Those wallets ho...