Australia is way ahead of the U.S. in banking, but now risks falling behind

The U.S. is objectively behind countries like Australia in digital banking "by whatever metric you choose," according to Stripe cofounder John Collison, but that head start may not last forever. 

As president of a global payment company, in Sydney recently to launch the marketplace tool Stripe Connect, Collison was in a position to help me understand the digital divide between American and Australian banking.

Having lived in both countries, the difference feels striking. While I'd been paying landlords and sending friends dinner money online in Australia for years, suddenly in the U.S. in 2014, I found myself searching each month for a stamp and an envelope to mail off my housemates' rent cheques. Read more...