Are mobile payment solutions a direct threat to today's conventional banking system?

It's still an early stage to say that but with the daily technology advancement and growing use of mobiles, the mobile payment solutions will definitely represent a threat for conventional banking system.

Don't think so. It will have its own share in this tremendous growing population era and even then if it is a threat, then it may be for internet banking, cannot be for conventional banking. I think so. My 2 cents. Thanks.

It all depends on how banks are planning their future. Fintechs are leveraging the gap banks have in their operational structure. Conventional banking is there from many decades and still work on similar old fashion practices which offer least convenience to customers. 

Whereas mobile payments are winning because of its convenience and flexibility.

Conventional Banking Systems are likely to never lose relevance. Mobile/Online/Digital payment solutions as they continue to evolve with ever increasing smart technologies can never be relied upon blindly without the existence of unavoidable threats.

Cyber crimes will always stand in the way. Logically speaking, both conventional banking system and smart solutions are interdependent in today’s world. They cannot be conceived as competitors, nor is one going to diminish the other into being obsolete. 

100% direct threat! Mobile device usage keeps growing and growing. As these hand held devices become smarter and accommodate more and more functions (you can book a holiday, do your groceries, get your dry cleaning done etc), banks will have to keep up and service these needs.

Which consequently will mean that there will be less need for branches, queuing and for everything a conventional banking system represents.

I don't think the conventional ways will ever disappear, but it will bifurcate towards a new era, which is already happening today.

1.Subscribers can pay bills, transfer money, receive credits, open accounts, and check balances. Workers can be paid by phone. Goods and services can be purchased. Before leaving on a trip, a subscriber can deposit money and then withdraw funds at the other end, which has many advantages over carrying a significant amount of cash. M-payment technology allow communities to bypass both brick-and-mortar banks and ATMs. The new mobile technology potentially provides a virtual ATM or a virtual wallet to every cell phone user.

2.By 2020, experts predict more than 50 billion connected devices. Assuredly, criminals and criminal organizations will be attracted to this new financial and communications medium.

I do not believe that mobile payment options are a direct threat to conventional banking systems simply because we all need a bank in order to use the mobile payments. You must have a debit/credit card and checking account in order to activate that method of payment. Also, we have to take into account the fact that not every merchant offers mobile payment options. Most merchants worldwide only accept debit/credit and/or cash. In the Middle East especially, you have traditional souqs that do not accept anything other than cash. If you do not have cash in hand, you cannot make a purchase. Therefore, the traditional banking system remains a leader in payment solutions.