You might not have visited China, then. If you stay within the WeChat payment network system instead of stepping out through bank interchanges, you see end-to-e

You might not have visited China, then. If you stay within the WeChat payment network system instead of stepping out through bank interchanges, you see end-to-end payment friction at well lower than 1%. There is plenty of room to innovate yet, and drive costs even lower for this utility, which arguably can be a government-delivered utility at some point in the future.