It is obvious that payment is a target for all the internet giants out there: Amazon, FB, Google, Apple… will enter this market.
Facebook’s Marc Zuckerberg confirmed it at a talk:
“And you can take a look at what the basic experience is and you know overall payments and private commerce is one of the areas that I’m really excited about and we’re going to have a lot more news and things to talk about here over the coming year as we flush this out more.”https://www.searchenginejournal.com/whatsapp-business/305883/#close
Now what will that (and it is not only payment that is affected) mean for the Financial Services industry?
If Gartner is right we will have 80% fewer banks by 2030. A 10 year period for exponential tech developments and its adoption is in fact very slow compared with other adoptions like the smartphone(2), the web (7), voice assistants in the US(2). Still I am sure most banks cannot imagine this. What can they do to survive?