Transfer from traditional banking

News ID: ۷۵۱۸۰۲

07 August 2021

Criticism of the banking system was considered blasphemous in capitalist countries until about a decade ago. Bank executives and shareholders, who had been brainwashed and upgraded for years in the traditional banking system, refused to accept any changes.

PayPal, created by Elon Musk to promote low-paying online payments, was the first game-changing movement to shake the foundations of traditional banking.

Despite the fact that well-known brands such as MasterCard and Visa Card ignored this move, well-known technology brands such as Google (Google Wallet) and Apple (Apple Pay) were launched quickly, and top banking brands gained market share. Square and Stripe lost in the US and Europe, Alipay in China, M-Pesa in Africa and Zin Zip in Asia. This new banking software has also made significant hardware improvements. Square POS was created to eliminate intermediation costs.

The penetration of the banned banking world was such that extensive financing websites entered one of the most important areas of banking, namely loan repayment and deposit collection.

Websites like Kickstarter and Crowdcube link the loan applicant, lender or investor directly.

Traditional banking is expected to change dramatically by 2050, with new names leading the way.

Douman Sahand

Angel investor

Source: doumansahand.com