But Wanjiku, the ordinary citizen that all of us serve, understands some fundamental facts. She understands the fundamental principles of finance, commerce and social interaction. She understands some basic principles that are easily forgotten, ignored, or overlooked in the pursuit of sophistication or profits. The rest of my remarks will expand on this idea.
The low number of electronic payments (i.e. credit transfers and direct debits) in the US has not only to do with consumer preference and systemic restrictions on consumerinitiated transfers but also with the set-up of batch processing of electronic payments.