In 2009, Bitcoin and Venmo were born; in 2011 Starbucks began accepting mobile payments. Taking note of PayPal’s success in this new area of peer-to-peer (P2P) payments, banks began releasing mobile apps that allowed payments between members of the same bank. Facebook launched no-fee P2P payments in their Messenger app in 2015, and just a few weeks ago announced a partnership with PayPal. As more services are bundled into existing apps with massive reach, the need for standalone P2P payments, and other financial services, will diminish. The future of financial services could very well be found in mobile networking apps.

Source: Forbes November 16, 2017 20:15 UTC