8
votes
Big Tech wanted to dethrone credit cards. Why it failed, and who wins now
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- Title
- How Mastercard and Visa Are Beating the Tech Giants at Their Own Game
- Authors
- Tae Kim
- Published
- May 29 2019
- Word count
- 2460 words
I feel like this is another pin in the argument that Big Tech is running out of steam in the coming decade: it enters markets on the back of lofty promises of innovation and increased consumer comfort, but fails to adjust to the complicated realities of said market. With the internet this was easier because their entrance preceded many of the regulations and their first-to-market advantage meant they could establish themselves without facing many problems. But whether it's payments, healthcare, etc. they keep running into walls of regulations and established players being able to outmaneuver them by simply not lagging behind their technical advances.
Do you work in the tech industry, or follow a lot tech stuff? I mean this in a respectful way, just to understand your perspective.
I generally disagree with you, I think Big Tech still is growing a lot, it is just behind the scenes. And this is a lot more apparent with tech companies besides the ones in NA. An example is cars, you aren't seeing the innovation that Google is doing because it is doing behind the scenes and with a sister company, starts with a W, I cant remember the name. Similarly amazon is doing electric stuff with a daughter company. They are also doing Space stuff.
Regarding finance, sure the big tech aren't doing anything, but you have services like Venmo where you can connect your bank directly. You also have stuff like Samsung Pay and Weibo Pay (wtv that Chinese one is called). I know Samsung Pay you still have to connect you card, but I'm not sure about Weibo Pay.
Another more direct thing is voice assistants, there is so much scope here. I think this does go under the unregulated and not much competition spectrum that you mentioned, but it shows they are not running out of ideas.