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Is it the end of monopoly in payment industry?
Transcript of Is it the end of monopoly in payment industry?
What's happening in the payment industry?
Tech companies are edging into financial services with digital innovations in online and mobile money transfer and payments.
Trends in the payment industry
“What the technology companies are doing may actually be forcing the change within the banking system.”
Bert Ely, a financial institution consultant
What happens to banks?
It is a market that has grown $1 billion and is expected to grow another 20-fold to nearly $60 billion in mobile transactions by 2017.
How big is the mobile payment market?
Google Wallet allows a customer to store credit cards, debit cards or loyalty cards in a single digital wallet.
Customers can then tap and pay for goods and services with their smartphones through the Google Wallet app.
Online banking apps
Many banks have developed their own mobile payment apps. A growing number of banks’ apps support remote deposit capture, which lets users to scan checks and deposit funds through their smartphones.
Wells Fargo Mobile® Deposit
Strengths and weaknesses
No transaction fees
Near real-time technology
Loyal customer base