It'll be interesting to see the impact of "instant settlement" systems that are based around ISO20022 like FedNow, PromptPay, Osko and others.
If my bank can offer direct instant settlement between my account and another person's, then why do I need any other services? If they can associate my account with a line of credit, why do I need a Visa/MC and why do they need to pay the network and interchange fees?
I my on-phone secure element (ie the "wallet") can support an app that is not EMV with all of it's legacy complexities, then why keep all that infrastructure?
If my bank can offer direct instant settlement between my account and another person's, then why do I need any other services? If they can associate my account with a line of credit, why do I need a Visa/MC and why do they need to pay the network and interchange fees?
I my on-phone secure element (ie the "wallet") can support an app that is not EMV with all of it's legacy complexities, then why keep all that infrastructure?
All of that goes away.