Social networks and smart devices grant us superpowers beyond anything we might have dreamed even a decade ago. We can track and monitor the minutest details of our lives, we can keep in touch with everyone that we’ve ever met, we mostly never get lost anymore, and the entirety of human knowledge is accessible with a mere swipe of our finger on a smart device. But if a company wants to conduct business with another company in a way that allows them to pay or get paid securely, and in a real-time, 24/7 fashion—and with instant access and availability to data related to the transaction—traditional payment providers have been slow to adapt. This is where non-bank providers have shown their advantage and have begun to enable new superpowers for consumers and businesses.
We’ve seen a rash of non-banks in the B2C and P2P payments world enter the scene in the past several years, and even alternative payment methods like BitCoin have started to gain a more mainstream footing. New players like Traxpay have made an impact in the B2B payments domain as well. All of these developments are trying to address increasingly complex payments needs with the simplicity and intuitive use-models that consumers and businesses in the Digital Age have come to expect. This has left many banks and traditional payments providers scrambling to figure out how to shift quickly and compete with these new and emerging players, keep customers from defecting, and not lose their profitable position as controller of the financial supply chain.
Up until recently, the big banks “owned the system” and held dominion over the movement of money. Consumers and businesses simply accepted the status quo of an antiquated system because it was all that was available and banks were thought to be staunchly safe and secure. Look at any bank today, and it is easy to see how much has been invested to create the illusion of security.
However, public opinion has swung dramatically in the wake of a continuing banking crisis and global financial instability. People have seen trillions of their funds evaporate overnight, and are looking to take more control of their destiny. This opened the door—and non-banks saw the opportunity to take a position—and have quickly become a viable alternative and increasingly popular (and safer) way for consumers and businesses to move money around the globe. What was once a small opening of the door for these non-banks, has led to the door being kicked wide open, now that people realize that they have been liberated, and that the Internet and cloud could be applied to the movement of money as well.
While it might be not realistic to think that banks will fade off into nothingness in the next few years, it is very clear that their firm grasp on the market is loosened, thanks to the efforts of advanced online payment solutions like Traxpay is providing. Furthermore, it is a known fact that B2B traders are demanding modern methods of payment which are faster, safer, and smarter in order to gain a competitive advantage in the global market. While it may take a long time for banks to make the necessary changes to adapt to the new world, non-banks have already harnessed the power of innovation, and are already unleashing new superpowers for consumers and businesses alike.
To learn how Traxpay can help you with faster, safer, smarter commercial transactions, feel free to contact us at email@example.com.