The following press release on the decline of banks was dated 20 August 2014 . . .
Banks to become minority players in currency transfer market within five years due to the rise of the sharing peer to peer economy.
CurrencyFair today announced that based on their growth rates being replicated by competitors and new entrants, the mainstream banks in the UK will be minority players in a market that they have dominated for centuries.
“We were the first to break through the $1bn barrier, and we did it faster than even we expected. At current growth rates, our sector will eclipse the mainstream banks within 5 years. If you take just the two leading P2P sites out of a fast growing sector; CurrencyFair’s marketplace optimized for payments above £1000, and Transferwise geared towards smaller payments, you are looking at 500%+ annual growth in the P2P sector. It should be £8bn alone next year.”, said CurrencyFairCEO, Brett Meyers.
Based on the growth of gaming markets from when companies like Betfair started and the growth trajectory of peer to peer lending around the world, the industry can now accurately extrapolate what will happen to the banks’ currency transfer markets as the savings to be made in p2p are vastly more dramatic. 2019 should be the inflection or tipping point for mass adaption of these new and cheaper technologies. Banks are usually a factor of ten times more expensive and can’t really move their systems to the more innovative and transparent peer to peer model.
For further info: CurrencyFair Breaks The Billion Barrier.
CurrencyFair is the world’s fastest growing peer-to-peer foreign exchange marketplace. Its customers are able to exchange funds and transfer them overseas at a fraction of the cost of traditional banks or brokers, due to its unique and innovative ‘Money Matching’ model. CurrencyFair has served tens of thousands of customers saving them tens of millions of Euros in bank fees and exchange rate charges.
A service widely used by expatriates working or living abroad and individuals running a business or purchasing property overseas, CurrencyFair’s peer-to-peer currency exchange or ‘Money Matching’ allows individuals to cut out the ‘middle-man’ to obtain the best possible exchange rate for 17 currencies, whilst avoiding expensive and often hidden bank charges.
CurrencyFair became the first platform in the world to break the $1 billion barrier in money-matching transfers, cementing its position as the world’s leading peer-to-peer international transfer service. CurrencyFair’s average fee is currently 0.4%, compared to rates from 2 to 5% at PayPal, Stripe, VISA and larger banking institutions.
Based in Dublin, Ireland, CurrencyFair is regulated by the Central Bank of Ireland under the European Communities Payment Services Regulations 2009. CurrencyFair Australia is regulated by ASIC, the Australian Securities and Investments Commission.