There seems to be a lot more innovation in the financial sector these days, as companies are struggling to keep up with growing customer demand for new features and technologies. Thames Card Technology wants to tap into the increasing use of digital technology by partnering with mobile-first startup Mondo. At the same time, Bitcoin adoption seems to increase all over the world, as this form of money bypasses traditional banks and cards altogether.
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Taking on Bitcoin In The Mobile Finance World
Although the partnership between Mondo and Thames Card Technology could be quite beneficial for both companies, they will not solve one the centralization issue plaguing the financial world. Introducing contactless debit cards combined with a mobile banking app is an interesting play on finance, but it will not sway users en masse anytime soon.
One of the first problems comes in the form of how this solution will only be available to UK residents, even though there are plenty of regions where this type of solution would be more beneficial to consumers. Moreover, the debit cards are issued in waves, creating an unfair ecosystem for consumers looking forward to using this service.
Some people might argue this approach will help scale the solution in the long run, as they can gauge customer demand over time. After all, Thames Card Technology is involved in all stages of the card production process, ranging from the design to deliverance. This is part of the reason Mondo showed such a great interest in working together with this company.
Visiting bank locations is a thing of the past, as consumers are relying more and more on mobile financial solutions. However, creating a personal, convenient, and transparent solution is not an easy task, which is why strategic partnerships are so important. Transitioning to a mobile payments society will not happen overnight, though, but this partnership is a significant step in the right direction.
Despite all of the promise this collaboration may hold, Bitcoin remains a better alternative for consumers looking for alternative ways of finance. Unlike traditional solutions, Bitcoin is not tied to agreements and bank participation. Instead, the digital currency ecosystem is open to anyone in the world, using any device.
Source: Finextra
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