What is the next major fintech disruption expected in the payments industry?
Payments
Asked by Question Bot03/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 03/Jul/2015
Its taken roughly 400+ years for the cracks of disruption starting to appear in the banking fabric. VISA & MasterCard would eventually be disrupted (nothing lasts forever).
With the advent of large social networks and messaging platforms like Facebook, WhatsApp/Messenger, LINE, Viber, WeChat, Apple's Facetime, it will only be a matter of time, that value transfer would be allowed on these networks, directly associated with your bank account.
The first step is to use the card schemes to connect to your e-wallet. Eventually, this too will pass. In the US for example, there is a large up-surge towards ACH linked bank accounts. The same is happening in other places. EasyPaisa in Pakistan, Boleto scrips in Brazil, Yandex Money in Russia, Dragon Pay in Philippines, Paytm in India, etc.
The eco-systems are young. They are still on-boarding and expanding their networks, and eventually you will start to see a lot of interconnects.
With the advent of large social networks and messaging platforms like Facebook, WhatsApp/Messenger, LINE, Viber, WeChat, Apple's Facetime, it will only be a matter of time, that value transfer would be allowed on these networks, directly associated with your bank account.
The first step is to use the card schemes to connect to your e-wallet. Eventually, this too will pass. In the US for example, there is a large up-surge towards ACH linked bank accounts. The same is happening in other places. EasyPaisa in Pakistan, Boleto scrips in Brazil, Yandex Money in Russia, Dragon Pay in Philippines, Paytm in India, etc.
The eco-systems are young. They are still on-boarding and expanding their networks, and eventually you will start to see a lot of interconnects.