Google kills its plan to offer bank accounts via Google Pay
The concept of bank-centric checking and savings accounts not only seems increasingly outdated, but is actively contested by various cryptocurrencies.
Much of the world has been excluded from banking infrastructure, either because of poverty or where it lives.
One result is this: El Salvador forgoes using the US dollar as its base currency and adding BitCoin – not because it doesn’t like or trust the dollar, but because the banking industry (mostly American) who controls it has abused its people. with restrictions and excessive fees. With BitCoin, anyone can save money in their wallet and instantly transfer it across borders directly to another person or business without restrictions, delays or fees.
On the flip side, AppleCash could become a viable alternative: you can save money in your wallet and instantly transfer it to other people and businesses without any fees or restrictions (other than having access to AppleCash). But, it is still tied to a bank because every penny in that system (which is hosted in a bank) originally came from an electronic bank transfer. And, there are other similar systems out there.
While there are serious concerns about BitCoin, could ApplePay (or its equivalent) be the future?
My grandson and his friends are using more and more cash. They’re too young to have or support bank accounts with a steady stream of income, but they can use AppleCash – and they don’t even have to carry a physical wallet – their phones are never far from their hands.
And, at the same time, people were using banks to store their money safely while earning interest income paid by the bank. But now it’s pretty much over: you can safely store money in a BitCoin or AppleCash wallet – and interest payments won’t buy a cup of coffee: $ 10,000 gets you pennies. . So why use a bank? Soon people will understand this and the bankers will be horrified.