The Payments Powershift is Beginning to Hit Card Networks as Banks Join Hands to Build Common Tech Platforms

June 29, 2018

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Decades ago, banks created card networks like Visa. The networks were eventually privatized and have now become the large FinTech companies (if I may call them that). Today, we find that history is repeating itself.

Starting with India, followed by the US and Australia, we have seen new payment systems that allow P2P & merchant payments directly from your bank account. Banks are working together in various capacities (consortiums or independent companies) to build networks/solutions to counter the threat of Tech turning them into dumb pipes like the telecom companies are always fearful of becoming.

Zelle, a payment platform backed by over 50 banks, was launched as the banks’ answer to Venmo. Similarly, UPI in India has been fairly successful in driving mobile payment ...

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