Financial Institution
Payment systems seem to have reached a period of inflection. We are rapidly approaching a time where there is a high probability we will see significant changes in how the average American conducts their daily transactions. The traditional payment systems of cash, bank check, and even credit cards are looking to be a bit dated. Feature now available in new electronic payment system appears to be much more attractive – so much so there seem to be some emerging trends indicating a switch. Acting as a corporate consultant to an affected industry review the major alternative currencies and payment systems (Bitcoin, Libra, M-Pesa, Wechat Pay, Alipay, Samsung Pay, Apple Pay, Paypal, Venmo, Zelle, . . .), and provide an analysis of the critical issues. Follow with a series of strategies and recommendations. How do alternative payments affect financial institutions? Is this good or bad for banks? What are some pros & cons? Is PayPal its own financial institution? I will need a 3-page paper & 3 slides for a PowerPoint. Thank you.