Digital wallets might be worse-is-better bank accounts.
I can appreciate that point of view, but relatively high velocity of money, relatively low total financial assets, and the overwhelming supremacy of professionally managed firms over the First Bank Of Mattress make me think that the transition is largely a positive one for most.
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A variant of that concern I wouldn't endorse but think is better: we intentionally let certain classes of financial institutions extract a lot of money from large populations of people without much money, but this is actually a good thing, b/c of service guarantees + regulation.
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There's some social purpose to having Local Bank Of Community Pillars have a 100+ year relationship with the community they serve, fund the local soccer team, and employ people to listen patiently to financially unsophisticated consumers' daily money issues.
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