PayPal and Raisin: payment-commoditization and FinTech-platforms
Summary
In fact, when looking at their goals one could even go so far and question whether they are still a payment provider or rather a FinTech platform focusing on personal finance management. Among them: One trait they share is that they are competing against PayPal’s core strengths: Additionally, Apple Pay in specific is powerful because it has the platform (the OS). Consider analogously how Apple’s credentials saving feature can — in contrast to, for instance, LastPass — be accessed from websites as well as apps. Thus, the same principles that make Apple Pay so interesting, apply to these platforms (digital wallets and PFMs) as well. For instance, if a user wants to save money and is unaware of startups like Raisin (which is very likely the case) she will use her existing banking app.
