Social payment apps and informal banking

- [Narrator] Once upon a time, if you needed to give money to somebody, like paying your rent or splitting a dinner check, you either gave them cash in person or you mailed a check. Or sometimes you forgot to send the money, but you could always claim the check is in the mail as a way of putting it off. But you know, that whole process feels unbearably antiquated. It's like you might as well use a stage coach and send bags of gold or something. But thanks to a whole host of technological developments, many of which draw heavily on data science. We have mobile payment apps like PayPal, Venmo, ApplePay, or Alipay that enable both electronic payments and peer-to-peer payments, and it feels like an imposition when you can't use them. There are some potential benefits to this approach. One is it's accessible and quick. If you've got it set up, you can pay for things with your watch. I do that. It's an amazing thing. Also, these apps tend to be much less expensive than banks. Most of them…