More than 10 per cent of 2017 UK payment card revenues "have been taken by new firms," new analysis from McKinsey & Company for the Bank of England shows.Late last week the BOE released a reformist "The future of finance report" by Huw van Steenis,  senior adviser to the governor, Bank of England, and previously Global Coordinator Banks and Diversified Financials at investment bank Morgan Stanley.In an assessment that will encourage fintechs and neobanks in Australia, van Steenis declared "the shift to digitally-enabled services and firms is already profound and appears to be accelerating."The shift from banks to market-based finance is likely to grow further".With payments infrastructure and the "soft" domain of policy at the forefront of this analysis, the BOE's adviser said McKinsey estimated around 35 per cent of the total number of fintechs and financial innovations in the UK relate to payments.He also delved into the ever more faddish field of crypto-assets."Technological developments and the fall in confidence in the banking system in the crisis have contributed to the cryptocurrency revolution," he wrote.In an echo of Reserve Bank of Australia commentary published the same day, van Steenis  noted that amid the discussions on "innovation in retail payments and wholesale markets, much attention is currently focused on the category of 'stablecoins' or their near cousins which are backed by a basket of investments."They seek to offer the benefits of crypto-assets but without the price volatility. So far, the stability of such coins is unproven, and subject to considerable scrutiny. "If not fully backed by a single currency, but for example a basket of backing instruments, they would also display a degree of volatility against the unit used to price goods, and that depending on the volatility this may discourage their use as a payment tosome extent."While the crypto spruikers may be side-lined for now, the Bank of England is fuelling the fintech train.Mark Carney, BOE governor, on Thursday night announced that "the Bank of England plans to consult on opening access to our balance sheet to new payment providers."Historically, only commercial banks were able to hold interest-bearing deposits, or reserves, at the Bank. That reflected their role at the core of the payment system. "As new payment providers and systems emerge, access to the Bank's core infrastructure should change and it makes sense to consider whether they too can hold funds overnight on the Bank's balance sheet."From the Bank's perspective, expanding access can improve the transmission of monetary policy and increase competition. It can also support financial stability by allowing settlement in the ultimate risk free asset, and reducing reliance on major banks. "Users should benefit from the reduced costs and increased certainty that comes with banking at the central bank."From the perspectives of UK households and businesses, wider access can improve inclusion and services."