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Incredible, in this digital age most people paying a house cleaner or collecting money still use cash or a check. And checks are slow…The slowness has led Americans to new mobile services, like PayPal’s Venmo or Square Cash. But Big Banks are waking up.Wells Fargo joined JPMorgan Chase, Bank of America and US Bank in allowing customers to send money in seconds to one another’s bank accounts using just a phone number or email address.
The real question is: who will control the payment network of the future? Fintech Players? Credit Card Operators? High Tech Challengers like Apple, Google and Samsung? Leading Banks? American bank executives fear that they could lose ground to plucky payment companies like Venmo, a popular choice among millennials who want to pay each other — and send emoji-filled messages to their friends.