The process to kill cash has started! TransferWise, Azimo and CurrencyFair are just a few of the important players in this highly competitive industry of peer-to-peer money transfer services. They operate on a global scale, but each of them actually focuses on a couple of countries and uses the Internet as a springboard to new markets.
Peer-to-peer money transfer services could one day be the end of traditional service providers. The pursuit to kill cash has just begun. Today, when cash moves much faster and electronic money transfers are routinely used by millions, an invisible war is wagered by traditional service providers and innovative peer-to-peer operators. The latter are fighting an uphill battle to unseat the current elite, while banks and money transfer giants such as MoneyGram and Western Union are clinging to their dominant position. They’ve got the numbers, the expertise and the political support, but nothing can indefinitely stop the advancements of technology.