The growth of internet transactions
Google, Facebook, Apple and other major players in cyberspace have successfully filled the niche created by the changing dynamics of consumerism, and their expansion into financial services is what is now catching the eye of banking industry executives. Google, for instance, has made significant investments in financial services since starting Google Checkout. In Ireland, Facebook has become an e-money institution, allowing its users to store money and make payments, all through the Facebook interface. And Apple Pay is a mobile payment service available on Apple devices, with which customers can checkout in person (instore) or online. Apple recently announced hundreds of partnerships with all the major players in the retail industry and credit card companies. Apple Pay replaces the normal swiping of a credit card on a digital system, eliminating the need to keep cash or credit cards in the pocket.