Facebook entering payment – what will that mean?

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.”


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?


Leave a Reply

Scroll to top