Well yeah, V and MA were created and owned by the banks initially. They are joined at the hip. I think in the West it will be harder to disrupt the banks, but emerging markets is interesting. Say India, people are paying via non-banks on smart phones. Like I said though, a cash app user presumably will be able to pay at a SQ terminal with a SQ branded card, and that will route internally outside on the banking system. Buying millions of users from APT is a big shot in the arm for that process.
