Facebook May Pose a Greater Danger Than Wall Street
Payments can happen cheaply and easily without banks or credit card
companies, as has already been demonstrated—not in the United States but
in China. Unlike in the U.S., where numerous firms feast on fees from
handling and processing payments, in China most money flows through
mobile phones nearly for free. In 2018 these cashless payments totaled
a whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a
