Apple and Facebook are Becoming Banks. When Will Google, Amazon and Microsoft Follow? @tokentalkco #Apple #Facebook #Google #Microsoft #Amazon

Apple and Facebook are diving head first into the financial services industry. While they're going about it in very different ways, it's clear big tech companies are about to disrupt the entire space. It could be th...

Apple and Facebook are diving head first into the financial services industry. While they're going about it in very different ways, it's clear big tech companies are about to disrupt the entire space. It could be the major catalyst the crypto industry has been waiting for.

Apple just showed us a sneak peak of their financial services ambitions. First it was Apple Pay, now it's a credit card with a sleek app to go with it. Next it'll undoubtedly be a fully fledged bank account, and who knows where their ambitions lie beyond that.

Facebook have the worst kept secret with their foray into financial services. The Facebook Coin is underway with an all-star team executing on it as we speak. 

Now that two of the world's most powerful tech companies are involved, it's only a matter of time before the rest of them are too. 

The question is how other tech conglomerates will go about it. Will it be a credit card? Will it be cryptocurrencies? Or could it be a hybrid?

With trillion dollar market caps, they're all looking for the next big market to capture. While Apple have experimented with augmented reality, smart watches and self-driving cars, all have proven to be expensive, difficult propositions that are unlikely to move their market cap in a meaningful way. 

Financial services that encourage their one billion customers to purchase and earn interest is a proposition that could move the needle.

It's unlikely Google, Amazon and Microsoft are going to let Apple run away with this. It'll be a matter of months, not years before they copy or innovate on top of Apple and Facebook's offerings.

It's unclear what this means for the cryptocurrency industry, but it's certain the world's largest tech companies see financial services as the next frontier for their multi-trillion dollar market caps.

source https://www.tokentalk.co/TokenTalk/apple-and-facebook-are-becoming-banks-when-will-google-amazon-and-microsoft-follow-5c9960b6636bb8401aa55daa