America’s largest financial institutions are pondering this very question right now. That’s because payments and related services account for roughly two-thirds of their revenue, and consumers are beginning to turn elsewhere for these services.
Even among those consumers who have so far remained loyal to products like credit and debit cards, there are signs of trouble. Sometimes called the “Uberization” of payments, the trend toward automated, behind-the-scenes or invisible transactions threatens the traditional financial institution’s role in the enablement of everyday transactions.
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