Banks and startups to collaborate on future of payments

Muenster, Germany - April 9, 2011: A close up macro shot of a Mastercard credit card. Mastercard is one of the biggest credit card companies in the world.

Head of strategy, design and change at Royal Bank of Scotland, John Lyons believes ‘the future of

payments will be defined by the collaboration between banks and FinTech startups’.

“I think we are definitely at a point of inflexion” says Lyons, who runs the RBS’s innovation arm. “As the march of tech increases, the importance of tech leadership in payments is going to be much more significant”.

“I don’t think FinTech startups are going to win and big banks are going to lose, or vice versa” extrapolated Lyons. “I think what will happen after a bit of posturing is that we’ll realise that the ecosystem will thrive once you get collaboration between the banks and smaller firms”.

Lyons also suggested that the greatest payment experience is one where the process is made completely invisible. He hailed Uber as a disruptive tech company that doing this successfully.

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