I’ve written in the past about the commoditizing banking system. I mean, who really goes to a retail bank location anymore for most day-to-day needs? You can get cash at an ATM or “cash back” via debit card at the grocery store. You can deposit checks via a phone app.
I think yesterday marks a dramatic development: Square announced a free service to let you send payments via email. You don’t sign up for a service, you just send an email per the graphic below on their web site:
Some technology innovations take time, but gradually, they happen and become inevitable. Price points collapse, friction is removed and a whole new digital system takes over. It happened in music (iTunes, Napster, etc.), radio (Pandora, Spotify), flea markets (eBay), commerce (Amazon), and it’s now happening in banking.