They may look different from traditional banks and they may care about customers’ needs, such as 24/7 accessibility, ease of use and individualised services, but that doesn’t render the basic financial functions of banks obsolete. Some Fintechs have even already acquired a banking license.
BIS Review 29/2010  3  In the first place, the Board took the view that, left to itself, the market was delivering interchange fees that were too high. Hence they took direct action to regulate them lower. As a result, average credit card interchange fees have fallen from around 95 basis points before the reforms to around 50 basis points now.