Banks have a big part to play in the future of payment technology and are not about to leave the space any time soon, according to Stafford Masie, entrepreneur and founder of technology group Thumbzup.
Speaking to BlueNotes on video, Masie says people are rightly asking questions about where banks fit in the ’new world’ of payments but it’s not a case of death by a thousand cuts for major players.
“I think what we’ve done too long is underestimate the role of banks,” Masie says. “We’ve undervalued their position and why they exist."
“I think the role of banks moving forward is not disintermediation. I think the role for banks is [taking advantage of the] great opportunity that is presented by technology.”
Masie, from South Africa, is part of a wave of payment tech expertise that has come out of Africa in recent years, a talent pool he says is born from necessity.
“When payment doesn’t work in Africa, people die,” he says.
Watch the video above to hear more.