Daniel Wolfe is editor in chief at PaymentsSource and a contributing editor at American Banker. He was previously tech and risk management editor for American Banker. He has also been American Banker's editor for technology, cards and payments and its technology reporter. He has a master's degree in print journalism from Boston University's College of Communication and a bachelor's degree in English from SUNY Binghamton.
The cashierless Amazon Go store is barely more than an experiment — it's live in only one location in Seattle, with plans for a handful of stores to follow this year — but it has already sparked a race to put similar models in place.
It's an important pivot point for the industry — consumer trust is threatened by a steady flow of data breaches, and consumers are divided on whether they want to stick with plastic or move on to mobile and wearable payments.
Across the globe, many different populations have distinct reasons for being unbanked. To reach these audiences, mainstream financial companies are discovering approaches that wouldn't be possible in the U.S.