legacy that is the global banking system has survived challenges to its livelihood from all directions for many years. But new entrants are no longer isolated to financial technology start-ups, a simple hiccup. Now entering the battlefield are goliath technology corporations with scale and reach so large and wide that they could shake the industry to its core.
The Financial Stability Board recently said in a press release that big tech posed a threat that should not be ignored. “It is quite explicable by the fact that big tech usually have well-developed wide customer networks and their names are quite recognisable.” By diving into payments, Facebook appears to be trying to replicate the success of Tencent’s WeChat app, which has grown to dominate China’s $4.7-tillion mobile payments market alongside Alibaba, according to Beijing-based consultancy Analysys International.The best example of what awaits banks is probably China, where AliPay and WeChatPay process far more transactions than the local banks and payments are virtually all done using QR codes without touching the payments system set up by banks.
Retail customers would benefit from lower fees, higher security, and the potential of smart contract facilitated transactions. And of course, suppliers could expect the same benefits on their side, too.
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