The Coming Era of Flexible, Frictionless Money

digital money 764

Two months after PayPal opened its platform, 15,000 developers
had used it to create new payment services

The banks and credit card companies have spent 50 years building a proprietary, locked-down system that handles roughly $2 trillion in credit card transactions and another $1.3 trillion in debit card transactions every year. Until recently, vendors had little choice but to participate in this system, even though — like a medieval toll road — it is long and bumpy and full of intermediaries eager to take their cut. All of that is about to change.

Continue reading… “The Coming Era of Flexible, Frictionless Money”