As the impending 2013-2014 chairman of the American Bankers Association, Jeff Plagge’s message is clear. The payments system stands on the verge of the digital frontier; banks must chart a course through this unknown territory or risk irrelevance.
For years, consumers and businesses have depended on banks for payments. No matter if customers purchased goods from a merchant or an individual, no matter if they paid back a friend or lent them money, and no matter if they used cash, check or plastic, banks provided the means to complete the transaction. But soon, with technology companies pushing to . . .
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