Mastercard and Visa make strategic investments in Plaid
Banking was built for a world that did not envision the internet. Even today, the backend for most consumer financial products is still paper, phone calls, and faxes. We are in the early stages of a digital revolution in financial services, which has thus far been led by many fintech startups and a handful of forward-leaning banks.
What is happening today is reminiscent of the digitization that occurred in commerce over the past two decades. What began with improvements at the network level—led by Mastercard and Visa—precipitated the rise of ecommerce and digital commerce. Today, more than half of all payments are made online, and the trend continues to accelerate.
Today, we are excited to announce that Mastercard and Visa have made strategic investments in Plaid. We have long been inspired by the work these networks did to digitize commerce, and hold this as an example for what we hope to accomplish in financial services. We look forward to collaborating on products that lie at the intersection of commerce and financial services.
We're particularly excited about what this means for our customers and for consumers. We are well on our way to creating a consumer-first financial ecosystem that will significantly improve the way people manage their financial lives. Onward!