PaymentGenes

It wasn't so long ago that CEO's and large banks were convinced that bank locations would always be necessary to service their customers. However the last ten years we have seen an emergence of Digital Banks, that have never and will probably never own a physical location, but still manage to grow their user base and add additional services including insurance, mortgages and loans. In the Payments industry we have seen companies like Chase and First Data dominate for well over forty years. However just like the digitization of banking has forced incumbents to change their strategies, the digitization of payments has provided companies like WorldPay, Vantiv and lately even Stripe, PayPal/Braintree and Adyen to take up much of the market share, not by focusing on traditional businesses, but by focusing on startups who have grown to overshadow and sometimes even bankrupt traditional businesses. Think of Blockbuster versus Netflix, Taxi's versus Uber or Traditional Stores versus Amazon.