At the Code/Mobile conference earlier this month, Paypal’s Bill Ready and Chase’s Gavin Michael outlined visions for the future of digital finance that sounded pretty similar: Peer-to-peer services (like Paypal’s Venmo and Chase’s QuickPay) are increasingly critical for everyday use, and that trend doesn’t really spell doom for banks.
Will Banks Eat Payments, or Will Payments Eat the Banks? Paypal and Chase Execs Discuss. (Full Video)
The banks and the peer-to-peer services aren’t out to kill one another.
Asa Mathat
Onstage at The Ritz-Carlton in Half Moon Bay, Calif., Ready described Paypal’s role “as a technology enabler that can give people access to financial services, and not necessarily a provider of those services.”
You can watch full video of their conversation with Jason Del Rey below:
This article originally appeared on Recode.net.
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