SmartCard Marketing Systems Inc. (OTCQB:SMKG) Baas The CEO Massimo Barone shared the follownig commentary on Baas and Payments:
Traditional Banks no more - first it is important to classify what is the role of the traditional Bank or Credit Union and for which Country market - then consider over the past 2 to 3 decades the roles of Non-Bank Financial service Shops (Cheque Cashers / PayDay Loans / Pawn Shops) and so much more.
Step 2) - then take on the role of Bank Issuers vs Prepaid Card Program Issuers or well Branded Independent Enterprise offerings and you can see how the market was already fractional. Now expand and think Card Schemes that want to jump infront of the line (MC, VISA, CUP) etc..
Step 3) E-commerce to Blockchain with ecosystems, social networks to now Metaverses and Decentralized Networks - FI's have their challenges ahead to adapt or simply be Back-Offices and Lend out to the best promoters out there. Its strategic not defensive.
The Baas is the new way to streamline customers and if rolled out correctly - the Bank/CU can play an intermediary role in everything payments. Now this opens a different challenge because of the broad network of Wallets & Cross-border players with integrated products.
https://www.otcmarkets.com/stock/SMKG/news?id=391987