Benoît Cœuré today encouraged the entrance of "new players" in the market for payment services, but stressed they are only welcome "so long as they are trustworthy and manage their risks adequately".

Cœuré, a European Central Bank (ECB) executive board member, portrayed innovation as a double-edged sword in his opening remarks at a conference organised by the ECB and Banque de France.

He argued that innovations in payments – including virtual currencies, which are often maligned by central banks