![Redefining Finance: How Black Banx Competes with Payment Giants](https://www.businesstelegraph.co.uk/wp-content/uploads/2023/04/Redefining-Finance-How-Black-Banx-Competes-with-Payment-Giants-1024x683.jpeg)
With the continued development of new software, just about every traditional bank now offers account services via websites and corresponding apps. Taking this a step further has been technology companies who’ve developed online money transfer services.
As travel and remote work are at an all time high, lifestyles are now more global than ever, and today’s payment platforms and digital wallets have proven useful for consumers needing to transact and maintain their accounts from halfway across the world.
From Paypal, which accounted for 22% of all online transactions in the world with a mobile payment volume of $227 billion in 2021, to Square, which according to Forbes was the favorite payment platform for merchants in 2022, consumers have numerous options to choose from for their online money transfer needs.
However, not all banking needs and overall financial circumstances are alike and, for all the advantages they provide, many payment platforms and digital wallets still lack at getting consumers the most use and value out of their money.
Changing the Landscape
With a mission is to unlock a borderless financial system for everyone where money
can flow freely, Black Banx addresses some of the disadvantages that come with the use of standard payment platforms and digital wallets.
The Bottom Line
Indeed, banking has come a long way since the establishment of the Banca Monte dei Paschi di Siena in Italy in 1472. While bills and coins remain a widely utilized medium of exchange, so too has digital payments.
As trade and employment continues to become increasingly global, so too will people’s banking requirements. It is beneficial that institutions like Black Banx are committed to not only keeping up with those needs, but are always at work to provide solutions that are future-ready and continue to prioritize what is best for its customers.
About Black Banx
Black Banx was founded in 2014 by German billionaire Michael Gastauer with the aim of easing the flow of money for consumers on a global scale. Officially launched in 2015, Black Banx has since grown to now serve over 20 million retail customers and 1.5 million business customers.
For more on the company and its financial services, or to apply for a Black Banx account, visit www.blackbanx.com.