This is the quintessential question.
tl;dr: Yes, they will go out of business because of obsolescence.
Will the small and somewhat medium money transfer businesses go out of business. When Novi (from Facebook), larger players like MoneyGram and VISA entering the market, crypto based remittances becoming a reality and the inevitable issuance of digital fiat currencies by the central bank, there is a clear and present danger to the very survival of small money transfer businesses.
It is a very difficult message to deliver, but what pains me is the cold shoulder treatment the message gets from the small businesses. I’m not the doomsday architect! Don’t shoot the messenger, but the proverbial putting your head in sand, until the problem goes away, will not help either.
The imminent graveyard of money services businesses who were in the remittance business will be a sight that is all too real.
I did a video not long ago about why I think this will happen. I gave a very logical analogy in the video of why I think MTO will suffer the same fate as the calling card companies or the neighborhood internet service provider.
In a world where large or reknowned tech and payment companies have a wider audience to listen to. In a world, there there are plenty of YouTube influencers who can project the announcement of your product and service, I feel the small money transfer operators are staring at their graves.
Give it a watch…
So the question is, what do you think will happen? Will they go out of business or not?
I wrote an Open Letter to the Money Transfer Operators and you can read about it here.
Pivot is necessary. It is like oxygen.