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Venmo is the killer app for payments

Venmo is the killer app for payments | Disruptive Finance and Fintech | Scoop.it
Will the growth of PayPal's Venmo encourage other banks and credit unions to use social engagement in digital peer-to-peer payments?
Huy Nguyen Trieu's insight:

Loved this article about Venmo. I already wrote a few times about them, but I really find them fascinating. I am usually skeptical about mobile payment solutions when they try to bring a solution to a problem that doesn't exist, but Venmo is very different. In the old world, most people would be quite private about their finances, and would not naturally share info about what they spend, how they pay, etc. Venmo shows that it's not the case anymore, on the contrary - the act of paying can be an integral part of your social life, and can be broadcasted in the same way as your Facebook updates. 

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GoDay Canada's curator insight, November 4, 2014 5:07 PM

Need to pay your friend back for the fiver you borrowed last week? Or how about sending money to your fiance for some wedding expenses? Then check out Venmo.

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UK banks axe branches in favour of digital model - FT.com

UK banks axe branches in favour of digital model - FT.com | Disruptive Finance and Fintech | Scoop.it
Britain’s biggest lenders are shutting hundreds of branches and culling thousands of staff in a push to cut costs and move towards a digitally focused model that is irrevocably changing high street banking. Lloyds Banking Group, the UK’s largest
Huy Nguyen Trieu's insight:

Will branches totally disappear ? I don't think so - but in the same way as there were 100,000 travel agents in the US 10 years ago, and only half remain today. The numbers mentioned in the article are much more extreme than what I had in mind ($4 to serve a customer in branch, 100 times less online), but the economics are nonetheless very clear. My view is that the writing is on the wall, and banks have to integrate this trend in their strategy - which is clearly what Lloyds is doing for example, not without pain. 

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