A war has been going on for some time to dominate the credit card market in the world. Formerly an exclusive banking sector, start-ups and GAFAs are getting into the battle to make their mark.
Why This Issue Around The Bank Card?
The bank card doesn’t stop at just a simple piece of plastic. With the arrival of online transactions, other variants complete this payment method such as the virtual credit card or even payment via mobile. The first allows you to pay exclusively for transactions via payment platforms. Here the smart card is of no use, just like withdrawing cash.
The virtual card protects the payment in a more reinforced way and is also changed easily since it does not require any physical delivery. Once the number has been obtained, its holder registers his card on online payment platforms to directly activate new transactions. This device seems particularly interesting for high risk merchant service providers which see their growth continue.
Why This Race To Offer Bank Cards?
As the mass distribution did in its time, the time for bank cards distributed by big names in digital technology has just come. Apple has already entered the race but others want to follow the same path as Amazon.
For the time being, this race is happening on American and Asian grounds. If this battle interests digital players so much, it is not through philanthropy. Indeed, each transaction improves the knowledge of users and offers a crossover of information between the behavior of online users and their consumption habits.
A windfall in this market where GAFA will be able to resell information to banks at gold prices. This data will allow high risk merchant service providers uk to deepen the analysis to determine the obtaining of a credit or even to make a more relevant offer to holders of accounts.
Are Bank Cards Cryptocurrency Compatible?
For the digital giants, the announcement of these launches coincides with the project to create virtual currencies. This strategy still raises a few questions. What will become of national currencies if private companies break free from international monetary rules?
The desire to create an ecosystem specific to each platform could see the birth of new economic forms as we could assist the contemporaries of the medieval era when each market had its own currency. For the moment, no one can prevent the future, but the maturity of cryptocurrencies accompanied by the liberalization of digital means of payment considerably modifies the monetary landscape of this next decade.