“Who needs banks? I’m not questioning the basis of our financial system—I’m talking about physical (high cost, low service) bank branches. Someone will truly digitize the entire experience—and when they do, the product will look a lot like China’s Alipay. Controlled by Jack Ma and other Alibaba executives, the PayPal-like company processed $519 billion worth of digital payments in 2013 (Paypal processed $180 billion). Alipay offers a lot more than easy e-commerce payments. Alibaba’s payment platform is morphing into all-in-one banking tool: a savings bank, wire service and investment house. Most importantly, it’s all done via mobile device.”
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