Pymnts.com interesting read on the latest "60 Minutes" fintech focused segment, and what the show forgot to mention regarding the world of payments and banking. Although it sounds sexy to view fintech startups as taking over banks, some of these startups themselves note that they need banks in order to carry out their business. Especially in the world of payments.
the broadcast “glossed over the complexities of what it’s all about to accept money online for the protection of both the buyer and the seller.” And that, when it comes to enabling payments, there really is a bank in the background, for both the shopper and the merchant. “Banks are really doing a lot more than just lending; they’re actually processing the payments on behalf of this really cool middleware that ourselves [BlueSnap] and others like Stripe have built to make it easier to get connected to the banks. The goal is to make it easier for merchants to put their products online — not eliminate banks,” Dangelmaier said.