Jerome Powell Quotes

Social messaging has become the defining app of the smartphone era. Social payments has been a natural extension of this phenomenon - it's going to be the locus of most communications activity.

If you think about the under-30 generation, the millennial generation - GenTech, as I call them - they grew up with a screen in front of them. And so they think about everyday processes, like payments, differently than you and I do.

Twitter was around communication and visualizing what was happening in the world in real-time. Square was allowing everyone to accept the form of payment people have in their pocket today, which is a credit card.

Cash as a physical entity will virtually cease to exist, with coins and checkbooks consigned to museums. As people conduct their financial transactions on hand-held devices made secure by advanced biometrics, even tipping will be done electronically.

I think a lot of people have predicted the demise of cash, and they've frequently been wrong. But there's no question that the smartphone is leading to the digitization of money. You really now have all the power of a bank branch in the palm of your hand.

PayPal exists because banks are not interoperable: I can't efficiently pay you $10 unless I'm giving you a $10 bill. So we're all on PayPal and Venmo, I need interoperability on the same ledger.

I think Twitter is the future of communications and Square will be the payment network.

Elon Musk with PayPal revolutionized banking.

Square is turning informal, cash transactions, like you would do with a taco truck, into card swipes. Stripe is more for the Internet, it's focused on the kinds of transactions that weren't possible years ago. We think about how you would buy things from a mobile phone, crowd-funding, how should that work.

The big challenge with Internet financial services has been that it's very difficult to get large numbers of customers to sign up for your service.

If you look at people who have an iPhone or Android and are under 40 and are dissatisfied with their bank, it's actually quite a large market.

Everywhere we look, technology has changed our daily lives - from the way we pay our bills, to the way we buy plane tickets or keep in touch with friends and family.

We are quite a way off before people travel around the world without cash in their pockets. The growth of plastic and electronic transactions have tended to impact traveller's cheques rather than cash.

Make the most of online banking to make your life easier and keep your finances organized. Online banking is great because it offers quick, easy, 24-hour access to your checking and savings accounts.

Our approach to banking is very different from the traditional banks or even some of the new banks. We do not necessarily go out and write single-cheque, large-ticket loans.

Retail banking in Africa is very weak. You can't go to a village and get money from an ATM or visit a branch of the bank. So people have to use the Internet.

What interests us in Stripe is the idea that there could much more commerce happening on the Internet.

ATM is still a cash channel; we want to migrate it to the digital channel.

India has a very young population which is comfortable doing business on a screen than do it one on one with a banking executive. They want quick fulfilment of desires, and may not have the time to go to a bank to get things done. Many of them are comfortable working from home.

Even if it does not become cashless economy, it will become a less cash economy, and I think that itself is going to be a good and big achievement, and I think we are, as a country, gone through many of large changes, and ICICI has been a leader in many of them.

The scope of activities for payments banks mainly includes acceptance of demand deposits, issuance of ATM/debit cards, payment and remittance services, and distribution of third-party products.

Cash is going to be killed. It will be nostalgia.

At Bank of America, customers shunned a product that offered fee-free checking without access to branches.

When I need to go to my bank, I'll do television.

Money is catching up to the technological trends transforming all aspects of society and business; entertainment, insurance, health-care, gaming, leisure, retail - all commercial and social verticals are going digital - including money itself.