Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has more to gain than anybody from the booming trend of non-cash transactions.
We want a cashless society, Moynihan, who heads up the second largest U.S. bank, told attendees at Fortunes Brainstorm Finance conference.
He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.
The banking sector has already digitized, Moynihan said on Wednesday. The business has moved digitally and it will continue to move that way. Its just figuring out how to add the value.
https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.htmlIs this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
The banking sector has already digitized, Moynihan said on Wednesday. The business has moved digitally and it will continue to move that way. Its just figuring out how to add the value.