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Re: Big Tech Moving into banking. Payments have long been an easy to implement at scale cash cow. Credit cards are much harder, that's why most networks are on Visa or Master Card, and tech companies are powered by existing banks. Example Apple's backend is Goldman Sachs.

Banking is a cash cow, but it's hard to break into. Starbucks uses gift cards to be a bank functionally, but the goal is just a huge interest free loan. Credit unions compete with banks on some level by sacrificing profit to benefit customers.

Apple is seemingly offering absurd interest rates (relative to everyone else in main street banking). But Apple isn't a company to forgo profit. So is this just subsidized by credit cards or what?

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Hi Linas, can you respond to my message on Linkedin :) Thank you. Audruius

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Linas, not the best place to do this. I have requested a refund and substack can't do it and I have written to you on June 8th and no response. It's been a bad experience to subscribe and refund in substack.

Can you please check your emails and details and refund please?

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