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All good for Merchants but why would Consumers forfeit rewards, deferred payment, fraud protection and other benefits they currently enjoy by paying with credit card? Unless Volume gives a convincing answer to this question, it will likely join the long line of its predecessors who have been trying in vain to disrupt card payments for 10+ years. 

The charter of DeFi is to sidestep regulation. The line "as the technology... becomes better regulated" sounds like an oxymoron. Wall Street is already making money out of DeFi. Expecting DeFi to be an alternative to banks, AMCs, et al, sounds out of touch with ground reality.

When regs are undergirded by such unrealistic premises, it's not surprising that they're unable to stop the next financial crisis, no matter how many GFCs have happened in the past.

While banks will spin branch as what customers want, I suspect that, six years after I wrote Secret Of Survival Of Bank Branches, branch is actually what banks want.

I already know banks that sell BFSI products like insurance and mutual funds; and non-BFSI products like books and white goods. As part of platformication strategy, McKinsey advocated selling of flowers to banks. I'd imagine all that put together will deliver way more than 4% increase in revenues for banks. IMO, Accenture is too conservative in its estimate!

Functionally, I doubt if VRP based on OB brings any major additional value to payers or payees - or even merchants - compared to the incumbent methods.

If anything, OB-VRP could provide technical advantages like API-based access, etc. But they underestimate the effort to replace the incumbent systems. Core banking system vendors have been chanting the same mantra for 20+ years, yet 75% of USA's GDP still runs on mainframes even today. 

@DirkKinvig: Sure why not. If it was a bank, I'd have said you'll get this feature in 20 years but, thanks to "move fast and break everything" ethos of Fintechs, one month should be enough!

Then: Fintech will kill plastic card.

Now: Fintech will allow you to design your physical  plastic card.

Next: Fintech runs contest to design table, chair and teller counter for branch?

I can't believe I'm reading this in 2021.

Yo @Finextra, any chance that this is repost of a 20 year old article?

"70% of consumers would choose a single shopping app". Sure why not. Just that I thought, for the last 10 years or so, Amazon was the name of that single shopping app. 

This post explains why BNPL would be attractive to someone who does not have a Credit Card. Keen to know why BNPL is popular even in countries like USA where credit card penetration is 300%? Personally, I've been having credit cards for 35 years, never revolve outstandings and don't see any compelling reason to use BNPL.

How does valuation of fintechs affect banks? Why don't you draw a comparison on the basis of operating metrics like revenues and profits??

We've been incessantly hearing about Blockbuster Moment in Banking and other disruption trash talk for 10+ years. Can you name one fintech that has killed a bank during this period?