Picture of an ATM which is out of service, a symbol how Google Pay threatens banks and fintechs

Google Pay: Nuisance for Banks, Nightmare for Fintechs

When pondering on digital transformation in the financial industry, one quote by Bill Gates comes to mind. Admit it, you know which one. It just fits perfectly, as we see tech giants leave their mark with emoney payment solutions like Google Pay and Apple Pay. Bill Gates said: 

We need banking, but we don’t need banks anymore

He said this in 1994. The millennial generation probably did not listen to his words back then – living the kid life requires full attention. But today, millennials resonate very much with Gates’ words. According to research by Global Banking Insights, at least one-third of all US millennials believe that they will soon live a life without banks. 

And they might have a point. The number of customers inclined to use online banking services has doubled over the last 10 years. As a result, the demand for digital finance applications increases — and quite a few banks struggle to deliver on that front. The internet is not their native environment. Fintech companies try to capitalize on this, using their technological expertise to disrupt the tried and true ways of banking.

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Smartphone using Apple Pay at a mobile payment station. The text next to it numbers four problems Apple Pay faces.

4 Obstacles Apple Pay Has To Overcome on the German Market

Mobile payment is convenient.

Just ask your chosen fintech aficionado.

They will point to frictionless paying. To fast access to monetary assets, wherever you are. To tech-savvy China, where almost one-third of the population pays via a mobile device.

And to Apple Pay . The Californian tech giant strives to ban the buck from our pockets and purses. The replacement: A slick mobile payment service.

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