The beginning of the end for Banks is near. Western Union, that behemoth of a bygone age, has managed to back a winning horse.
The gist of their new enterprise is thus: Cell phone users can use their cell phone accounts and cell phones to transfer money to others WORLDWIDE!
All that will be involved is a small transaction fee.
What place do banks have in a system where people can digitally transfer money via the ubiquitous cell phone?
None.
Gone will be overdraft charges. Gone will be the need to write checks (that incidentally favor banks if something goes awry).
Welcome to the future of money.
Kudos to Western Union.
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