All around the world, we are seeing a new class of banks: The digital banks. These fintech pioneers are redefining the banking industry by connecting with a new generation of mobile-first consumers.
Digital banks are an online only version of a normal bank offering Savings, Checking Accounts with payment, deposit and withdrawal services – but only through web: PC & Mobile devices.
Proving low cost banking services to a new class of customers: People who are highly mobile, tech savvy and unbanked!
Digital banks offer three main services:
1. Payment Gateways
- A seller service, often provided by e-commerce store or e-commerce enabler
- Authorizes a credit card or online transfer to merchants & businesses
- A virtual Point-of-Sale terminal for online businesses
2. E-Wallets
- Mobile App used to make payments to other mobile wallets
- Digital wallet can be set up to transfer funds to/from a bank account
- Popular banking tool for unbanked.
3. Remittances
- International Money transfers between individuals
- Nearly instant money transfers and low fees to lure customers away from traditional banks
- Uses Bitcoin or crypto currencies to avoid regulatory authorities
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